Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more
5/27/2022
/ Abusive Acts ,
Banking Sector ,
Borrowers ,
False Statements ,
Financial Institutions ,
Intent to Defraud ,
Licenses ,
Loan Servicer ,
Predatory Lending ,
Savings and Loan Companies ,
Student Loans
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
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
The Office of the Comptroller of the Currency (OCC) issued a final rule last week to establish a “simple, bright-line test” to determine when a national bank or federal savings association is the true lender. Under the rule,...more