Banks, Debt Buyers

Debt Buyback and Liability Management Considerations in a Volatile Market

A&O Shearman on 11/11/2022

In light of continued negative macroeconomic trends—including but not limited to meaningfully higher global inflation, tightening monetary policy by central banks, volatile energy prices, slowing consumption, continued supply...more

Life (and Opportunity) in the Time of Considerable Government Malfeasance

Dechert LLP on 10/20/2022

I wrote a week or two back about my expectation that significant economic dislocation awaits us. I still think that. The morning after I published, hordes (ok, maybe not hordes) of PhD Villeins were outside my house with...more

FDIC Issues “Madden fix” Rule Addressing State Bank Loan Interest Rates After Assignment

Ballard Spahr LLP on 6/29/2020

The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. Midland Funding decision. Madden held that a non-bank entity that purchased charged-off loans from a...more

FDIC And OCC Issue Strong Rebuke To Madden In Joint Amicus Brief: 'madden Is Not Just Wrong; It Is Unfathomable'

Troutman Pepper on 9/19/2019

On September 10, the FDIC and the OCC jointly submitted an amicus brief to the U.S. District Court for the District of Colorado in support of the appellee debt buyer in In re Rent-Rite Super Kegs West Ltd. ...more

Participation-Based 'Bank Sponsor' Lending Programs: Exploring the Advantages and Risks

Troutman Pepper on 5/3/2019

A watershed moment is “the exact moment that changes the direction of an activity or situation . . . a dividing point, from which things will never be the same.” The Second Circuit Court of Appeals’ 2015 decision in Madden v....more

CFPB Previews Anticipated Debt Collection Regulations

Morgan Lewis on 8/2/2016

The long-expected CFPB summary of new rule proposals for third-party debt collectors would have major implications not only for the debt collectors themselves, but also for the banks and other financial institutions doing...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

Moore & Van Allen PLLC on 10/12/2015

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

The Second Circuit Denies Midland’s Request For Rehearing On Its Decision That Upended Longstanding Principles of Lending Law

Cadwalader, Wickersham & Taft LLP on 8/26/2015

On August 12, 2015, the United States Court of Appeals for the Second Circuit denied Midland Funding, LLC and Midland Credit Management (collectively, “Midland”)’s petition for panel rehearing, or, in the alternative,...more

Increased Risk for Buyers of Credit Card Loans

Davis Wright Tremaine LLP on 7/16/2015

Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more

Second Circuit Declines To Allow National Bank Preemption by Assignee of National Bank

Goodwin on 6/15/2015

A national bank can charge an interest rate that exceeds state law maximums, but the bank’s assignee cannot, the U.S. Court of Appeals for the Second Circuit ruled recently, in a decision that could impact the ability of debt...more

Second Circuit Holds That National Bank Act Preemption Does Not Apply to an Independent, Third-Party Debt Collector That Purchased...

K&L Gates LLP on 6/4/2015

The Second Circuit recently issued a National Bank Act preemption decision with significant implications for purchasers of loans and other debt from national banks. See Madden v. Midland Funding, LLC, --- F.3d ---, 2015 WL...more

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