U.S. House votes to repeal 'true lender' banking rule issued under Trump

  • 6/24/2021
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WASHINGTON, June 24 (Reuters) - The U.S. House of Representatives voted Thursday to repeal a contentious banking rule introduced during former President Donald Trump’s administration that Democrats say allows predatory lenders to skirt state consumer protections. The vote to roll back the so-called “true lender” rule, which attempted to clarify what laws applied to lenders like fintechs when partnered with traditional banks, clears the way for its removal, as President Joe Biden is expected to sign it. (Reporting by Pete Schroeder) Our Standards: The Thomson Reuters Trust Principles.

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