Nullifies the final rule issued by the Office of the Comptroller of the Currency titled National Banks and Federal Savings Associations as…
Official title: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of Currency relating to "National Banks and Federal Savings Associations as Lenders".
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This joint resolution nullifies the final rule issued by the Office of the Comptroller of the Currency titled National Banks and Federal Savings Associations as Lenders and published on October 30, 2020. The rule requires that to be considered a lender, a national bank or federal saving association must, as of the date of origination of the loan (1) be named as the lender in the loan agreement, or (2) fund the loan.
Filed in the Senate
This senate joint resolution has been filed and is working its way through Congress. It will need to pass both the Senate and the House, then be signed by the President to become law.
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