News & Analysis as of September 20, 2024

Supreme Court of the United States › Online Marketplace Lending

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

Your Daily Dose of Financial News

Robins Kaplan LLP on 5/22/2018

The High Court has a daunting lineup of decisions yet to issue this year, but it’s checking one off the list with yesterday’s 5-4 holding upholding the right of companies to use arbitration clauses in employment contracts “to...more

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

Ballard Spahr LLP on 11/16/2017

The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

The Solicitor General Weighs in on Madden v. Midland

Troutman Pepper on 9/6/2016

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

Recent Supreme Court Action Creates Uncertainty in Financial Industry

Polsinelli on 7/13/2016

On June 27, 2016, the U.S. Supreme Court declined to review a Second Circuit Court of Appeals decision in the case of Madden v. Midland Funding, LLC. The High Court’s decision will allow a consumer class action against...more

Supreme Court's Rejection Is Not the End of the Road for Madden v. Midland Funding

Troutman Pepper on 7/8/2016

Regardless of whether or not Midland’s case is successful at the district court, there are a number of reasons why the Second Circuit’s Madden decision is not as disastrous as some have portrayed it to be. On June 27,...more

It’s a Mad, Mad, Madden World

Cadwalader, Wickersham & Taft LLP on 6/29/2016

On Monday, June 27, 2016, the Supreme Court of the United States denied the petition for certiorari in Midland Funding LLC v. Madden, No. 15-610. The Supreme Court’s denial leaves intact the unusual – and troubling –...more

Supreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden v. Midland Funding, LLC

Ballard Spahr LLP on 6/28/2016

The U.S. Supreme Court has denied certiorari to review the decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC. As previously reported, Madden involved a putative class action...more

Case Update: Midland Funding Madden – Supreme Court Denies Certiorari

Orrick, Herrington & Sutcliffe LLP on 6/27/2016

The Supreme Court today denied certiorari in Midland Funding v. Madden. Although the denial leaves the Second Circuit's May 2015 decision in place, it does not signal the Supreme Court's view of the correctness of that ruling...more

Supreme Court Decision on Madden Appears Imminent; Midland Files Supplemental Brief

Troutman Pepper on 6/15/2016

The U.S. Supreme Court will likely consider whether to grant or deny certiorari in the Madden v. Midland Funding case at its June 23 conference. In addition, Midland filed a supplemental brief with the Supreme Court on June 7...more

Financial Services Report, Summer 2016

Morrison & Foerster LLP on 6/8/2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

Ballard Spahr LLP on 5/27/2016

In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the Court should deny the...more

Update: Midland Funding v. Madden

Morgan Lewis on 5/26/2016

In an amicus curiae brief, the US Solicitor General recommends that the petition for certiorari in Madden be denied, but agrees that the Second Circuit’s decision is incorrect and emphasizes the importance of banks being able...more

Financial Services Weekly News - May 2016 #4

Goodwin on 5/26/2016

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Justice Department Sides With Financial Industry on Madden Case

Manatt, Phelps & Phillips, LLP on 5/26/2016

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course). In the strongest rebuke yet of the U.S. Court of Appeals...more

Case Update: Midland Funding v. Madden: The Solicitor General Brief Could Be a Game Changer

Orrick, Herrington & Sutcliffe LLP on 5/26/2016

In response to a request of the U.S. Supreme Court (discussed here), the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. Government’s views on the merits of the claims brought in...more

UPDATE: Supreme Court Asks Solicitor General to Weigh In on Madden Case

Manatt, Phelps & Phillips, LLP on 4/11/2016

The Supreme Court released the results of its March 18 status conference in the Madden v. Midland case. The Court determined that it would like to see a brief from the U.S. Solicitor General (SG). The SG is the official...more

Case Update: Midland Funding v. Madden

Orrick, Herrington & Sutcliffe LLP on 3/22/2016

The U.S. Supreme Court on Monday issued an order inviting the Solicitor General to provide the views of the United States on whether the Court should grant Midland Funding’s petition seeking review. As discussed in greater...more

Big News from the Supreme Court in the Madden v. Midland Funding Case

Troutman Pepper on 3/22/2016

While far from certain, this development shows that the Supreme Court is interested in the case and will likely give weight to the Solicitor General’s recommendation as to whether the Second Circuit’s ruling should be...more

Financial Services Weekly News - March 2016

Goodwin on 3/10/2016

Regulatory Developments - CFPB Now Accepting Complaints on Online Marketplace Lenders - On March 7, the Consumer Financial Protection Bureau (CFPB) announced two initiatives: it will now accept complaints from...more

Madden Tells SCOTUS That Marketplace Lenders Should Not Worry About Madden

Manatt, Phelps & Phillips, LLP on 3/1/2016

As the Marketplace Lending (MPL) industry gears up for the upcoming conference trifecta – ABS Vegas, AltFi Europe and LendIt USA 2016, the effect of the Midland Funding, LLC et al. v. Saliha Madden case and its pending appeal...more

Update on Madden v. Midland: Cert. Decision Expected Soon

Troutman Pepper on 1/29/2016

The certiorari petition asks the court to address whether the National Bank Act continues to have preemptive effect after the national bank has sold or otherwise assigned a loan to another entity. In a petition for a...more

Midland Has Appealed to the U.S. Supreme Court

Manatt, Phelps & Phillips, LLP on 11/19/2015

Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court. We have been following the Madden v. Midland Funding case as it makes its way through the court system....more

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Supreme Court of the United States › Online Marketplace Lending

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