News & Analysis as of

National Bank Act

New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more

Conference of State Bank Supervisors Files Lawsuit against OCC to Stop Special Purpose FinTech Charter

by Reed Smith on

On April 26, 2017, the Conference of State Bank Supervisors (“CSBS”), the trade association that represents state banking regulators, initiated a lawsuit against the Office of the Comptroller of the Currency (“OCC”) in the...more

Association of State Regulators Sues to Enjoin OCC's Fintech Special-Purpose National Bank Charters

Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more

Conference of State Bank Commissioners Sues OCC to Bar Chartering of Fintech Banks

by Pepper Hamilton LLP on

The CSBS’ request for an injunction may prompt the OCC to slow down or abandon its willingness to consider issuing national bank charters to fintech companies....more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more

More on Comptroller Curry’s remarks at LendIt USA conference

by Ballard Spahr LLP on

In a recent blog post, Alan Kaplinsky and Scott Pearson wrote about the remarks made by CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry at the LendIt USA conference in New York City earlier this...more

Remand Decision in Madden v. Midland Funding Raises Questions Regarding Choice of Law Clauses in Consumer Loan Agreements

by Pepper Hamilton LLP on

A careful parsing of state laws should be done if a lender is relying on a choice of law to avoid states that have criminal usury statutes. On February 27, the U.S. District Court for the Southern District of New York...more

Comptroller of the Currency Tom Curry Discusses Fintech Charters

In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more

The Madden Saga Continues: On Remand, Madden Survives Summary Judgment and District Court Certifies Class

by MoFo Reenforcement on

On February 27, 2017, the U.S. District Court for the Southern District of New York in part denied a renewed motion by Midland Funding, LLC (“Midland”) to dispose of claims brought by Saliha Madden (“Madden”) under the Fair...more

Borrower Wins Key Victory in Madden v. Midland

A federal judge has ruled that New York law—not Delaware law as the parties agreed in the initial loan agreement—applies to the defaulted borrower's claims and has certified a class action against the debt collector....more

New York State Department of Financial Services Superintendent Submits Comment Letter to US Office of the Comptroller of the...

by Shearman & Sterling LLP on

NYSDFS Superintendent Maria T. Vullo submitted a comment letter opposing the OCC’s proposal to create a new national bank charter for FinTech companies. Vullo noted that a one-size-fits-all federal charter will not work to...more

NY Department of Financial Services Joins Opposition to the OCC’s Proposed FinTech Charter

by Goodwin on

On January 17, 2017, Maria Vullo, the Superintendent of the New York State Department of Financial Services (NY DFS) sent a letter to the Office of the Comptroller Currency (OCC), opposing the OCC’s proposed special purpose...more

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

by Ballard Spahr LLP on

The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

Stage Set for Ninth Circuit to Weigh in on “True Lender” Test

by Goodwin on

On January 3, 2017, the Central District of California issued an order in CFPB v. CashCall, Inc., No. 2:15-cv-07522 (C.D. Cal.) allowing the defendants to request an interlocutory appeal of its August 31, 2016, decision...more

OCC Final Receivership Rule Paves Way for Special National Bank Charter

by Clark Hill PLC on

The Office of the Comptroller of the Currency ("OCC") announced on December 20, 2016 that it is adopting a final rule to implement provisions of the National Bank Act that provide the legal framework for receiverships for...more

OCC Issues Final Rule on Receiverships for Uninsured National Banks

by Hogan Lovells on

On December 20, the OCC issued its Final Rule on receiverships for uninsured national banks which implements the National Bank Act’s statutory framework for uninsured bank resolution....more

US Comptroller of the Currency Will Offer Limited Purpose National Bank Charters to Fintech Companies

by Dechert LLP on

The Comptroller of the Currency, Thomas Curry, announced on December 2, 2016, that the Office of the Comptroller of the Currency (OCC) intends to move forward with issuing limited purpose national bank charters to financial...more

OCC Explores Special Purpose National Bank Charter for Fintech Companies

by K&L Gates LLP on

On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its plans to move forward with a proposal to consider applications from financial technology (“fintech”) companies to receive charters as...more

FinTech companies: Chartering relief is here

by Dentons on

So you are an online lender, a digital currency company or a payments company, and you want to conduct business throughout the United States. How do you get licensed? Easy. You establish a corporate entity, register with...more

OCC's Proposed Receivership Regulations for Uninsured National Banks Provide the Basis for a National Bank Innovative Lending...

by Clark Hill PLC on

Is the Office of the Comptroller of the Currency ("OCC") using its recently announced proposed regulations regarding receivership powers to dissimulate its efforts to create a national charter for innovative...more

New True Lender Case Provides Support for the Bank Partnership Model

by Pepper Hamilton LLP on

The court explicitly acknowledged that making it difficult for banks to assign or sell their commercial property to the secondary market impedes good public policy. On September 20, the U.S. District Court for the...more

The Solicitor General Weighs in on Madden v. Midland

by Pepper Hamilton LLP on

The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

Congress Introduces Bill to Make “Valid When Made” the Law of the Land

Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee, introduced H.R. 5724, the Protecting Consumers’ Access to Credit Act of 2016, which would reaffirm the longstanding...more

Implications of Madden v. Midland Funding

by Dechert LLP on

In earlier client OnPoints, we have provided a comprehensive review of recent developments in the U.S. affecting the marketplace lending industry, including the potentially far-reaching Madden v. Midland Funding, LLC case...more

Will Madden v Midland Disrupt Loan Sales and Platform Lending?

Where do marketplace lenders and secondary loan market participants find themselves on the issue of preemption of state usury laws after the June 27 denial of the petition for a writ of certiorari in Madden v. Midland by the...more

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