CURO - Congress overturns Trump-era regulation on payday lenders

With a vote in the House of Representatives of 218-208, Congress overturned a Trump-era regulation that essentially allowed payday lenders to sidestep state laws limiting interest rates they charge borrowers, the Associated Press reports.Overturning the Office of the Comptroller's "true lender rules" represents the first time Democrats in Congress overturned regulations using the Congressional Review Act, which gives Congress the power to overrule federal agency regulations with a simple majority vote in the House and Senate.The Senate had voted, 52-47, to overturn the OCC rules on May 11; the bill now heads to President Biden for his signature.The Trump-era rule had allowed payday lenders to partner with a bank with a national banking charter when making high-cost installment loans. A national bank isn't subject to any individual state's usury laws because it's not based in any one state.In 2019, Consumer Financial Protection Bureau Director Kathleen Kraninger said underwriting standards for

For further details see:

Congress overturns Trump-era regulation on payday lenders