Providing for Congressional Disapproval of the Rule Submitted By the Office of the Comptroller of Currency Relating to ``National Banks and Federal Savings Associations As Lenders''

Floor Speech

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Mr. GARCIA of Illinois. Madam Speaker, I rise in strong support of S.J. Res. 15, a resolution to repeal the OCC's so-called true lender rule.

Earlier this year, my State, Illinois, passed a law that protects our consumers from predatory, high-interest loans. Eighteen other States have done the same.

I introduced the House version of this resolution because the true lender rule undermines laws like ours, laws that keep working-class people out of cycles of debt they can't pay back.

The rule is a rubber stamp for rent-a-bank schemes, where a lender can dodge State law by having a bank's name on the loan paperwork. That is all. No skin in the game, no investment in our communities; just a name on the paperwork.

This rule doesn't encourage innovation. It encourages playing games. This isn't a partisan issue. As a matter of fact, last year, 82 percent of Nebraska voters joined States like Arkansas and South Dakota to protect their communities from unpayable debt, and this rule from the OCC provides bad actors with a new tool to ignore them.

So a broad coalition of over 400 organizations--rural, urban, suburban--have come together in support of this measure, and they include consumer advocates, labor advocates, veterans, credit unions, and many other actors, including evangelical congregations.

Madam Speaker, I urge this body to pass this resolution and empower working-class communities like mine that are targeted by predatory lenders, and voters across the country who support consumer protections.

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