News & Analysis as of

Valid When Made Doctrine

Eversheds Sutherland (US) LLP

Opportunity Finance goes on the offensive to fend off “True Lender” action by California regulator

On March 7, 2022, Opportunity Finance (OppFi), a nonbank consumer lender, filed suit in Los Angeles Superior Court against the California Department of Financial Protection and Innovation (DFPI) seeking declaratory and...more

Wiley Rein LLP

Defending the Valid-When-Made Doctrine: District Court Victories for OCC and FDIC Regulations Signal Appeals and Amicus...

Wiley Rein LLP on

On February 8, 2022, the U.S. District Court for the Northern District of California handed the Office of the Comptroller of the Currency (OCC) a victory in its effort to codify the valid-when-made doctrine in response to the...more

Hudson Cook, LLP

Court Upholds "Valid When Made" Rules, But "True Lender" Risk Lives On

Hudson Cook, LLP on

In a victory for fintechs and the banks that partner with them, the U.S. District Court for the Northern District of California recently turned back two challenges by a consortium of state attorneys general to the "valid when...more

Husch Blackwell LLP

One Step Closer to Certainty: Court Dismisses States' Challenges to "Valid When Made" Rules

Husch Blackwell LLP on

On February 8, 2022, a federal district court in California issued separate orders concluding that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) did not violate the...more

Skadden, Arps, Slate, Meagher & Flom LLP

District Court Upholds OCC and FDIC ‘Valid When Made’ Rules

On February 8, 2022, a federal district court in California issued two opinions, granting summary judgment to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) and...more

Troutman Pepper

OCC Defeats AGs’ Challenge to “Valid When Made” Rule

Troutman Pepper on

On February 8, a Northern District of California judge ruled on cross motions for summary judgment filed by the states of California, Illinois, and New York (plaintiffs) and the Office of the Comptroller of the Currency and...more

Orrick, Herrington & Sutcliffe LLP

OCC and FDIC Successfully Defend Valid-When-Made Rules

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have successfully defended their respective valid-when-made rules. On February 8, 2022, Judge Jeffry S. White, U.S....more

McGlinchey Stafford

Federal Court Upholds OCC and FDIC Valid When Made Rules

McGlinchey Stafford on

On Tuesday, February 8, 2022, the United States District Court for the Northern District of California issued two separate orders that upheld the OCC’s and FDIC’s “valid-when-made” rules. In 2020, the OCC and FDIC issued...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Morgan Lewis - All Things FinReg

“Madden Fix” Rules Withstand a Key Test: What Happens Next

More than six years after it was decided, the practical consequences of the US Court of Appeals for the Second Circuit’s Madden v. Midland Funding, LLC decision continue to diminish. The decision—which held that, under some...more

Sheppard Mullin Richter & Hampton LLP

OCC Prevails in Challenge to “Valid When Made” Rule

On February 8, the U.S. District Court for the Northern District of California ruled against three states – California, Illinois, and New York – challenging the OCC’s rule on the “valid when made” doctrine. In 2020, the OCC...more

Troutman Pepper

Congress Uses Congressional Review to Overturn OCC’s True Lender Rule

Troutman Pepper on

On June 24, the House of Representatives, like the Senate on May 11, voted to overturn the Office of the Comptroller of Currency’s (OCC) “True Lender Rule” that was finalized in October 2020. The Senate initiated the process...more

Locke Lord LLP

United States District Court Accepts the “Valid When Made” Doctrine

Locke Lord LLP on

In Robinson v. National Collegiate Student Loan Trust 2006-2, the U.S. District Court for the District of Massachusetts accepted the validity of the “valid when made” doctrine. The District Court’s acceptance is noteworthy...more

Ballard Spahr LLP

OCC files new district court decision applying “valid when made” doctrine and rejecting “true lender” challenge

Ballard Spahr LLP on

The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden...more

Goodwin

Illinois Imposes 36% MAPR Rate Cap On Consumer Loans; Takes Aim At Fintech-Bank Partnerships And Secondary Market Transactions

Goodwin on

On March 23, 2021, the Predatory Loan Prevention Act (the “PLPA”) was signed into law by Illinois Governor J.B. Pritzker. The PLPA imposes a 36% military annual percentage rate (“MAPR”) cap on all loans made to Illinois...more

Morgan Lewis

Key Financial Regulatory Issues for Biden Administration’s Early Days

Morgan Lewis on

The inauguration of US President Joe Biden on January 20, 2021, marked the beginning of what will surely be a major transition across the US legislative and regulatory landscape—including the laws and regulations governing...more

McGlinchey Stafford

True Lender Update: States vs. OCC; No FDIC Rule; Possible State True Lender Rules?

McGlinchey Stafford on

In recent months, we’ve provided several updates on “True Lender” and “Valid When Made” developments from the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and state...more

McGuireWoods LLP

States Sue to Set Aside OCC’s True Lender Rule

McGuireWoods LLP on

New York, California and six other States filed a widely expected lawsuit on January 5 seeking to invalidate the “True Lender” Rule recently issued by the Office of the Comptroller of the Currency (“OCC”). As we previously...more

Goodwin

OCC Issues Final “True Lender” Rule

Goodwin on

As Lender Law Watch previously reported, in July 2020, to resolve the legal uncertainty discouraging many banks and companies from entering into partnerships to offer loans to consumers, the OCC issued its proposed true...more

White & Case LLP

OCC Finalizes True Lender Rule, Attempting to End Uncertainty around Bank-Fintech Partnership Models

White & Case LLP on

The Office of the Comptroller of the Currency (OCC) issued a final rule that creates a bright-line test to determine when a national bank or federal savings association (bank) makes a loan and is the "true lender," including...more

McGuireWoods LLP

OCC Issues Final ‘True Lender’ Rule To Provide Clarity For Bank Lending Partnerships

McGuireWoods LLP on

On October 27, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule setting the test for determining who the ‘true lender’ is in a loan transaction, including in the context of a lending partnership...more

Ballard Spahr LLP

Hundreds comment on OCC proposed “true lender” rule

Ballard Spahr LLP on

We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as...more

Troutman Pepper

Securitization Trust Defeats Efforts to Apply Madden

Troutman Pepper on

In the first case decided on the issue of whether Madden v. Midland Funding, LLC is applicable to a credit card securitization, the United States District Court for the Western District of New York, on September 21, 2020,...more

Goodwin

States Challenge FDIC “Valid When Made” Rule With New Lawsuit

Goodwin on

On August 20, 2020, seven states – California, Illinois, Massachusetts, Minnesota, New Jersey, New York, and North Carolina – and the District of Columbia (together, the States) filed suit against the Federal Deposit...more

MoFo Reenforcement

Take Two: State AGs Target The FDIC’s Final Rule Reaffirming Valid-When-Made Doctrine

MoFo Reenforcement on

Last week, the state attorneys general of seven states and the District of Columbia filed suit against the Federal Deposit Insurance Corporation (FDIC) challenging the FDIC’s final rule reaffirming the valid-when-made...more

66 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide