Advocates Applaud Bipartisan Repeal of Predatory “Fake Lender” Rule, Urge Biden Signature

In a bipartisan 218–208 vote today, the U.S. House of Representatives voted to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork. S.J. Res. 15, a resolution under the Congressional Review Act (CRA), was introduced by Senators Chris Van Hollen (MD) and Sherrod Brown (OH), and a parallel resolution, H.J. Res. 35, was introduced by Congressman Jesús “Chuy” García in the U.S. House of Representatives. Now that both…