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FOR IMMEDIATE RELEASE | June 30, 2021

NAFCU Applauds President Biden’s Signing of a Resolution Overturning the OCC’s True Lender Rule 

WASHINGTON – The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after President Joe Biden signed a resolution to overturn the OCC’s True Lender Rule: 

“NAFCU applauds President Joe Biden for signing a resolution overturning the OCC’s anti-consumer true lender rule,” said NAFCU President and CEO Dan Berger. “Banks will no longer be allowed to blur regulatory lines in partnership with high-cost online lenders to charge consumers interest rates of over 100 percent, evade consumer protection laws and usury caps, and promote predatory payday lending schemes. Congress should now look to advance legislation promoting better opportunities for those that need financial services, such as allowing community-based, not-for-profit credit unions to add underserved areas to their fields of membership.”

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
 

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