Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more
7/16/2015
/ Bank of America ,
Banking Sector ,
Banks ,
Class Action ,
Credit Cards ,
Debt ,
Debt Buyers ,
FDCPA ,
FDIC ,
Financial Institutions ,
Lenders ,
Loans ,
Midland Funding ,
National Bank Act ,
Preemption ,
Usury
Many retailers and OEMs have engaged banks to provide private-label credit to their individual and small-business customers, or have joined with banks in offering them cobranded general-purpose credit. Many other...more