True-Lender Rule Effective Before Year End
The Federal Register today includes the OCC’s final true-lender rule, which generally preempts state usury ceilings and state consumer-protection standards.

Treasury, Fed Sweeten Main Street Lending Program
Conceding to Congressional pressure from both sides of the aisle, Treasury has authorized the Fed to make changes to the Main Street Lending Program (MSLP) both agencies announced today.

Progressive Dems Renew Public-Bank Push, Turning Now to Fed Funding
Continuing progressive Democrats’ public-bank push, legislation from Reps. Tlaib (D-MI) and Ocasio-Cortez (D-NY) introduced today would significantly reduce barriers to opening and operating a public bank.

Tlaib Demands End to Fed Fossil-Fuel Support
Continuing her critique of the Fed and Treasury’s pandemic response (see Client Report COVID15), Rep. Tlaib (D-MI) late yesterday sent a letter to FRB Chair Powell contending that the Fed has not only failed to help cities and municipalities, but instead “propped up” corporate polluters.