To amend the Revised Statutes, the Bank Service Company Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to clarify that the role of the insured depository institution as lender and the location of an insured depository institution under applicable law are not affected by any contract between the institution and a third-party service provider, and to clarify that Federal preemption of State usury laws applies to any loan to which an insured depository institution is the party to which the debt is initially owed according to its terms, and for other purposes.
Modernizing Credit Opportunities Act
This bill provides that an agreement between an insured depository institution and a third-party service provider shall not affect (1) the depository institution's role as lender, or (2) the determination of the location of the depository institution.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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