In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank....more
In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding.
But could the inaction by the Supreme Court be much ado about nothing?...more
6/28/2016
/ Banking Sector ,
Choice-of-Law ,
Debt Buyers ,
Debt Collection ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
National Bank Act ,
Personal Liability ,
Petition for Writ of Certiorari ,
Preemption ,
SCOTUS ,
Usury
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
5/26/2016
/ Appeals ,
Banking Sector ,
Choice-of-Law ,
Credit Cards ,
Debt Buyers ,
Federal v State Law Application ,
Financial Services Industry ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
Online Marketplace Lending ,
Preemption ,
SCOTUS ,
Usury
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
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
3/1/2016
/ Credit Cards ,
Debt Buyers ,
Default ,
Interest Rates ,
Loans ,
National Bank Act ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Preemption ,
SCOTUS ,
Usury
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