True Lender Rule Repealed - Now What?
Legal Learning Webinar
Utilizing the Congressional Review Act (CRA), President Biden signed into law a joint resolution to repeal the Office of the Comptroller of the Currency’s (OCC) true lender rule. Federal regulations repealed under the CRA are treated as if they had never gone into effect.
The repeal of the true lender rule marks a return to a world of uncertainty. The ensuing confusion is due in part to the identity of the lender that determines which state’s interest-rate limits apply to a loan: if a national bank is the lender, then the interest-rate limits of the bank’s home state apply.
During this webinar learn from a panel of industry experts, Manny Newburger and Brit Suttell, what the repeal of this rule means and how industry can avoid the resulting pitfalls.
There is no cost to attend this event. CLE is pending approval. Only NCBA members will be eligible to receive CLE for attending this event.
National Creditors Bar Association is a national provider of legal educational content. NCBA’s goal is to provide its members with as many opportunities as possible to earn Continuing Legal Education (CLE) credits. Some NCBA webinars state that they are pending approval. If a webinar is pending approval, it means that NCBA’s education staff is awaiting confirmation of approval for CLE credit from the accrediting body of a particular state; it should be noted that individual states have different response and approval rates. NCBA expects that the course will be approved for the credit amount and type listed, but approval is not guaranteed. An attorney can still take the course at their own discretion, though.
It is not uncommon for a course which is pending approval to not be approved until after the webinar has taken place. Once an official decision notice arrives from the state, NCBA will notify attorneys who have completed the course as soon as possible via email, and will re-issue any certificates of completion to reflect the updated state reporting numbers. However, it is recommended that attorneys do not view webinars that are pending approval close to their CLE deadline, as NCBA cannot guarantee that a course will be approved in time.
National Creditors Bar Association will seek MCLE accreditation, with the assistance of the ABA MCLE, for this webinar. NCBA will seek General CLE credit hours in 60-minute-hour states, and in 50-minute states, subject to each state’s approval and credit rounding rules. States typically decide whether a program qualifies for MCLE credit in their jurisdiction 4-8 weeks after the program application is submitted. For many live events, credit approval is not received prior to the program. A link for CLE requests will be provided to webinar attendees who have met the attendance and engagement requirements.