The House voted to repeal a Trump administration rule that would make it easier for banks and fintech lenders to partner up without violating state law.
House lawmakers on Thursday voted 218 to 208 to repeal the Office of the Comptroller of the Currency’s “true lender” rule, issued last October to shield any fintech loan issued in partnership with a national bank from being subject to state laws, including caps on interest rates.
Democrats voted unanimously to repeal the regulation, with one Republican—Rep. Glenn Grothman of Wisconsin—joining them. Grothman is a co-sponsor of legislation that would cap interest rates at ...
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