[Congressional Record Volume 167, Number 57 (Friday, March 26, 2021)]
[Extensions of Remarks]
[Page E307]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





    INTRODUCTION OF 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 THE CURRENCY RELATING TO 
     ``NATIONAL BANKS AND FEDERAL SAVINGS ASSOCIATIONS AS LENDERS''

                                 ______
                                 

                     HON. JESUS G. ``CHUY'' GARCIA

                              of illinois

                    in the house of representatives

                         Friday, March 26, 2021

  Mr. GARCIA of Illinois. Madam Speaker, I rise today to introduce this 
joint resolution to repeal the OCC's so-called ``True Lender Rule.''
  Predatory loans trap working families into cycles of debt they can't 
pay off, and the Trump Administration's True Lender Rule helps lenders 
get around state laws that protect consumers. Just this week my state 
of Illinois enacted a law that caps interest rates on consumer loans at 
36%, but my constituents won't be fully protected until the True Lender 
Rule is repealed.
  People are more vulnerable than ever to predatory loans as they 
struggle to make ends meet due to the economic crisis caused by the 
COVID pandemic. Congress should act quickly to repeal this flawed rule 
that undermines important safeguards set by state governments like 
mine.

                          ____________________