The two lawsuits filed in federal district court in California by state attorneys general challenging the OCC and FDIC “Madden fix” final rules will both be heard by Judge Jeffrey S. White. Judge White was appointed to the...more
Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule, “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”)....more
We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. These lawsuits challenged on Madden and...more
The OCC has filed its reply brief with the Second Circuit in its appeal from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s issuance of...more
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special...more
7/30/2020
/ Administrative Procedure Act ,
Bank Holding Company Act ,
Banking Sector ,
Depository Institutions ,
Federal Deposit Insurance Act ,
Federal Reserve ,
FinTech ,
Injury-in-Fact ,
Money Transmitter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Special Purpose National Bank Charter
Less than two months after issuing its final “Madden fix” rule, the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a...more
7/22/2020
/ Consumer Financial Products ,
Financial Regulatory Reform ,
Financial Services Industry ,
HOLA ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC ,
Rulemaking Process ,
True Lender
The OCC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments in connection with a comprehensive review of its regulations on electronic activities of national banks (12 CFR part 7, subpart E) and...more
In remarks made during a recent online event held by the Online Lending Policy Institute, Acting Comptroller of the Currency Brian Brooks indicated that the OCC will soon be issuing a “true lender” proposed rule to supplement...more
The OCC has announced that Comptroller of the Currency Joseph Otting will step down on May 29, 2020 and Brian Brooks will become Acting Comptroller....more
The Federal Reserve, OCC, FDIC, and NCUA have issued “Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” The agencies state that the principles are intended “to encourage supervised banks, savings...more
PLI’s 25th Annual Consumer Financial Services Institute will take place on March 23-24, 2020, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New...more
2/4/2020
/ Artificial Intelligence ,
Banks ,
Blockchain ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Innovative Technology ,
Madden v Midland Funding ,
OCC ,
Regulatory Standards ,
TCPA ,
True Lender ,
UDAP
The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special...more
The Republican members of the House Financial Services Committee have sent a letter to Comptroller of the Currency Joseph Otting urging the OCC to make action to address the uncertainty created by Second Circuit’s Madden...more
9/24/2019
/ Debt Buyers ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Preemption ,
Regulatory Agenda ,
Rulemaking Process ,
Usury ,
Valid When Made Doctrine
The D.C. federal district court has granted the OCC’s motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) to block the OCC from issuing special purpose national bank (SPNB) charters to...more
9/6/2019
/ Article III ,
CSBS ,
Discovery ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Injury-in-Fact ,
Motion for Leave ,
Motion to Dismiss ,
OCC ,
Popular ,
Ripeness ,
Special Purpose National Bank Charter ,
Standing
Last Thursday, the OCC filed a letter with the New York federal district court hearing the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national...more
The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement...more
The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance. Among such issues discussed in the Spring 2019 report, which generally reflects bank...more
As we reported, a dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued on May 2 by a New York...more
The New York Department of Financial Services has filed a memorandum of law opposing the OCC’s motion to dismiss the NYDFS’s second lawsuit seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters...more
3/22/2019
/ Article III ,
CSBS ,
Financial Services Industry ,
Fintech Charter ,
Injury-in-Fact ,
Motion for Leave ,
Motion to Dismiss ,
NYDFS ,
OCC ,
Popular ,
Ripeness ,
Special Purpose National Bank Charter ,
Standing ,
Subject Matter Jurisdiction
The parties in Madden v. Midland Funding, LLC. have filed a joint motion with the New York federal district court seeking preliminary approval of a class settlement....more
3/19/2019
/ Charge-Off ,
Class Action ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Settlement Agreements ,
Settlement Negotiations ,
True Lender
Earlier last month, the Conference of State Bank Supervisors (CSBS) filed a brief opposing the OCC’s motion to dismiss the second lawsuit filed by CSBS to stop the OCC from issuing special purpose national bank (SPNB)...more
As expected, the OCC filed a motion to dismiss the second lawsuit filed by the New York Department of Financial Services (DFS) in a New York federal district court to block the OCC’s issuance of special purpose national bank...more
The OCC has filed a motion to dismiss the lawsuit filed in D.C. federal district court in October 2018 by the Conference of State Bank Supervisors (CSBS) to stop the OCC from issuing special purpose national bank (SPNB)...more
1/10/2019
/ Article III ,
CSBS ,
FinTech ,
Fintech Charter ,
Injury-in-Fact ,
Motion to Dismiss ,
OCC ,
Popular ,
Ripeness ,
Special Purpose National Bank Charter ,
Standing
The Conference of State Bank Supervisors (CSBS) has filed a second lawsuit in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from issuing special purpose national bank (SPNB) charters...more
In a press release, the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the...more