Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court.
Last year, the Administrator of Colorado's Uniform Consumer Credit Code filed suits in...more
In the last two weeks, WebBank and Cross River Bank—federally insured banks chartered in Utah and New Jersey, respectively—filed separate federal court actions (WebBank Complaint; Cross River Bank Complaint) against the...more
After the U.S. Supreme Court refused to grant review of the Second Circuit's May 2015 decision in Madden v. Midland concerning federal preemption of state usury rates for loans issued by a national bank, the case was remanded...more
On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more
2/1/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Banks ,
Consumer Lenders ,
Financial Institutions ,
FinTech ,
Interest Rates ,
Lenders ,
Lending Club ,
Loans ,
Madden v Midland Funding ,
Motion to Compel ,
Online Marketplace Lending ,
Preemption ,
Putative Class Actions ,
RICO ,
Usury
In response to a request of the U.S. Supreme Court (discussed here), the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. Government’s views on the merits of the claims brought in...more
5/26/2016
/ Banking Sector ,
Consumer Lenders ,
Financial Services Industry ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Online Marketplace Lending ,
Preemption ,
SCOTUS ,
Solicitor General ,
Usury
The U.S. Supreme Court on Monday issued an order inviting the Solicitor General to provide the views of the United States on whether the Court should grant Midland Funding’s petition seeking review. As discussed in greater...more