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Senate votes to overturn 'true lender' law

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By Jennifer Kang
12 May 2021

The Senate voted to overturn the 'true lender' law, a rule which makes it easy for non-bank marketplace lenders to originate loans through banks. Though the rule is unlikely to be rescinded, the efforts to roll it back show that pressure will remain on marketplace lenders, as states challenge federal regulations that they see as infringing on their licensing and usury laws.

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By Jennifer Kang
12 May 2021