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Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for... [Video]

Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more

OCC’s New Office of Financial Technology Portends Increased Supervisory Activity

The OCC’s announcement that it will establish an Office of Financial Technology to “bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape” should come as no surprise to those who have...more

Acting Comptroller discusses crypto risks, including use of bank-like terminology

In remarks at the DC Fintech Week conference on October 11, 2022 and in a keynote address later the same day at a roundtable conducted by the Harvard Law School Program on International Financial Systems, Acting Comptroller...more

Republican lawmakers send questions to OCC on bank-fintech partnerships

In a letter dated October 11, 2022 to Acting Comptroller Michael J. Hsu, Patrick McHenry, the ranking member of the U.S. House of Representatives Committee on Financial Services, and four other Republican representatives,...more

OCC keeps focus on bank/fintech partnerships

Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern.  Although bank lending partnerships with fintechs continue to receive OCC...more

9/9/2022  /  Banking Sector , Banks , FinTech , OCC , Partnerships

California Federal District Court Upholds OCC and FDIC ‘Madden-fix’ Rules

A California federal district court judge rejected challenges to the OCC’s and FDIC’s Madden-fix rules brought in two separate lawsuits by state attorneys general. The OCC rule is codified at 12 C.F.R. Section 7.4001(e) and...more

Fans and Foes of OCC True Lender Rule Spar at Senate Committee “Rent-a-Bank” Hearing

As discussed in our earlier blog, the Senate Banking, Housing and Urban Affairs Committee held a hearing on April 28, 2021 entitled “The Reemergence of Rent-a-Bank?”....more

Senate Banking Committee to hold April 28 hearing on “rent-a-bank,” Acting Comptroller of the Currency and State AGs send letters...

On Wednesday, April 28, the Senate Banking Committee will hold a hearing, “The Reemergence of Rent-a-Bank?” ...more

Eight state attorneys general file lawsuit seeking to overturn OCC’s true lender rule

On January 5, 2021, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey, and North Carolina filed a voluminous Complaint in federal district court for the...more

OCC issues final “true lender” rule

The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The final rule, adopted only 54 days...more

Hundreds comment on OCC proposed “true lender” rule

We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as...more

State Bank Regulators Launch Single-Exam Plan for Multistate Money Transmitters in wake of OCC’s Payments Charter Proposal

The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that seeks to satisfy all...more

Ballard Spahr Submits Comment Letter to OCC in Support of Proposed True Lender Rule

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule, “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”)....more

Colorado Settlement Provides a Possible Path Forward for Certain Bank-Fintech Online Lending Partnerships

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. These lawsuits challenged on Madden and...more

Federal court rejects Madden and finds loan valid when made per OCC final rule, but remands case to allow discovery on true lender...

In an order issued August 12, 2020, the United States District Court for the District of Colorado relied on the OCC’s “Madden fix” rule to hold that, under Section 27 of the Federal Deposit Insurance Act, 12 U.S.C. § 1831d, a...more

Varo Is First FinTech to Receive Full-Service Charter from the OCC

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a...more

OCC payments charter quickly generates industry concern

As we reported, Acting Comptroller of the Currency Brian Brooks has previewed the OCC’s plans to introduce another special purpose national bank charter that would give payment companies a nationwide servicing platform and...more

OCC issues proposed “true lender” rule

Less than two months after issuing its final “Madden fix” rule, the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a...more

OCC Previews Plans To Introduce Special Purpose National Bank Charter For Payment Companies

In recent interviews including a podcast with the ABA Banking Journal reported by Forbes, Acting Comptroller of the Currency Brian Brooks previewed the OCC’s plans to introduce another special purpose national bank charter...more

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