With the hope of finally addressing the uncertainty created by the U.S. Second Circuit Court of Appeal’s holding in Madden v. Midland Funding,1 the Office of the Comptroller of the Currency (OCC) and the Federal Deposit...more
12/19/2019
/ Assignments ,
Consumer Credit Protection ,
FDIC ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Interest Payments ,
Loan Origination Funds ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC ,
Partnership Agreements ,
Preemption ,
Proposed Rules ,
Public Comment ,
Usury
The Comptroller of the Currency, Thomas Curry, announced on December 2, 2016, that the Office of the Comptroller of the Currency (OCC) intends to move forward with issuing limited purpose national bank charters to financial...more
In earlier client OnPoints, we have provided a comprehensive review of recent developments in the U.S. affecting the marketplace lending industry, including the potentially far-reaching Madden v. Midland Funding, LLC case...more
7/22/2016
/ Banking Sector ,
Borrowers ,
Comptroller ,
Debt Buyers ,
Interest Rates ,
Lenders ,
Madden v Midland Funding ,
National Bank Act ,
Online Marketplace Lending ,
Petition for Writ of Certiorari ,
Preemption ,
Solicitor General ,
Usury
In a case closely watched by the lending industry, on August 12, 2015, the U.S. Second Circuit Court of Appeals denied a request by Midland Funding, LLC (Midland Funding) to rehear a case decided in May (Madden v. Midland...more