OCC true lender clarification to establish legal certainty for online lenders

OCC 575x375
By Jennifer Kang
23 Jul 2020

The Office of the Comptroller of the Currency (OCC) proposed a clarification that would settle the dispute around the true lender rule, which sources say is highly likely to pass and would be a boon to the marketplace lending ABS sector.

Even before the rise of fintechs, bank partnerships were commonplace among specialty lenders. Federal law has allowed banks to enter into such contracts to make loans on behalf of third party lenders for a long time, and yet, guidelines have been unclear as to who the ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial