Recently, seven states (New York, California, Colorado, Massachusetts, New Jersey, Minnesota, and North Carolina) and the District of Columbia filed suit in the Southern District of New York against the Office of the...more
The Second Circuit’s decision in Madden v. Midland Funding, LLC was announced in 2015. Since that time, there have been a number of cases brought based on the Second Circuit opinion, as well as recent regulatory proposals...more
3/10/2020
/ Capital One ,
Chase Bank ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Cards ,
FDIC ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Madden v Midland Funding ,
Motion to Dismiss ,
National Bank Charters ,
Online Marketplace Lending ,
Preemption ,
Putative Class Actions ,
Regulatory Agenda ,
Rulemaking Process ,
Securitization ,
Usury
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
Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more
As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more
4/28/2017
/ Article III ,
Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
Internet Lenders ,
National Bank Act ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Preemption ,
Standing ,
Subject Matter Jurisdiction
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