Davis Polk partner Dan Stipano was quoted in the American Banker on the delay in naming a leader for the Office of the Comptroller of the Currency. Stipano commented on the potential of Congress overturning the OCC’s “true lender” rule, which could make it easier for predatory lenders to partner with banks and avoid state interest rate caps. “What OCC is trying to say is that, regardless of our regulation, national banks can export interest rates as a matter of law,” Stipano noted. “They’re trying to create some certainty in an area where there has been uncertainty because of Madden.”

“Delay in naming OCC leader could hurt Democrats’ agenda,” American Banker (April 23, 2021) (subscription required)

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