Democrats’ Newest Foray Into ‘Anti-Racism’ Will Actually Hurt Minorities

Democrats’ Newest Foray Into ‘Anti-Racism’ Will Actually Hurt Minorities

Democrats playing on the “anti-racism” wave spreading across America held a hearing Wednesday during which Sens. Chris Van Hollen (D-MD) and Sherrod Brown (D-OH) pushed legislation seeking to repeal a Trump-era rule they call “Rent-A-Bank.”

The Trump administration rule was actually called the True Lender Rule and adopted by the Office of the Comptroller of the Currency (OCC) on October 30, 2020. In the background information posted to the Federal Register, the final rule specifically states that it considered concerns from critics (mostly Democrats) and addressed them:

The OCC understands that there is concern that its rulemaking facilitates inappropriate `rent-a-charter’ lending schemes—arrangements in which a bank receives a fee to `rent’ its charter and unique legal status to a third party. These schemes are designed to enable the third party to evade state and local laws, including some state consumer protection laws, and to allow the bank to disclaim any compliance responsibility for the loans. These arrangements have absolutely no place

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