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Introduction of A Joint Resolution Providing for Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Office of the Comptroller of the Currency Relating to ``National Banks and Federal Savings Associations As Lenders''

Floor Speech

Date: March 26, 2021
Location: Washington, DC
Issues: Business and Consumers Finance and Banking

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Mr. GARCIA of Illinois. Madam Speaker, I rise today to introduce this joint resolution to repeal the OCC's so-called ``True Lender Rule.''

Predatory loans trap working families into cycles of debt they can't pay off, and the Trump Administration's True Lender Rule helps lenders get around state laws that protect consumers. Just this week my state of Illinois enacted a law that caps interest rates on consumer loans at 36%, but my constituents won't be fully protected until the True Lender Rule is repealed.

People are more vulnerable than ever to predatory loans as they struggle to make ends meet due to the economic crisis caused by the COVID pandemic. Congress should act quickly to repeal this flawed rule that undermines important safeguards set by state governments like mine.

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