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Federal Deposit Insurance Corporation › National Bank Act

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain... more +
The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.  less -
Ballard Spahr LLP

Tenth Circuit sets briefing schedule in appeal from preliminary injunction granted to trade groups with respect to Colorado...

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We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Interest Rate Exportation Under Attack Part II

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The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Interest Rate Exportation Under Attack Part I

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The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is...more

Ballard Spahr LLP

Colorado federal court issues preliminary injunction prohibiting Colorado from enforcing DIDMCA opt-out to loans made to Colorado...

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The Colorado federal district court hearing NAIB, et al v. Weiser, et al., the lawsuit filed by three consumer financial services industry trade groups challenging Colorado’s opt-out legislation, has granted the plaintiffs’...more

Ballard Spahr LLP

Plaintiffs file reply in support of motion for preliminary injunction in Colorado rate exportation litigation

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The industry group plaintiffs in NAIB et al. v. Weiser et al., the lawsuit challenging Colorado’s opt-out legislation, have filed their reply to the brief filed by the Colorado Attorney General and Colorado Uniform Consumer...more

Ballard Spahr LLP

Further developments in Colorado rate exportation litigation: Colorado AG files opposition brief and FDIC tries to “opt out” of...

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As expected, the Colorado Attorney General and Colorado Uniform Consumer Credit Code Administrator filed their responsive brief in opposition to the plaintiffs’ motion for preliminary injunction filed earlier this month in...more

Ballard Spahr LLP

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

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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

Wiley Rein LLP

Defending the Valid-When-Made Doctrine: District Court Victories for OCC and FDIC Regulations Signal Appeals and Amicus...

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On February 8, 2022, the U.S. District Court for the Northern District of California handed the Office of the Comptroller of the Currency (OCC) a victory in its effort to codify the valid-when-made doctrine in response to the...more

Ballard Spahr LLP

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

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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

Husch Blackwell LLP

One Step Closer to Certainty: Court Dismisses States' Challenges to "Valid When Made" Rules

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On February 8, 2022, a federal district court in California issued separate orders concluding that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) did not violate the...more

Troutman Pepper

OCC Defeats AGs’ Challenge to “Valid When Made” Rule

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On February 8, a Northern District of California judge ruled on cross motions for summary judgment filed by the states of California, Illinois, and New York (plaintiffs) and the Office of the Comptroller of the Currency and...more

Ballard Spahr LLP

California federal district court upholds OCC and FDIC “Madden-fix” rules

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A California federal district court judge has 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)...more

Troutman Pepper

Congress Uses Congressional Review to Overturn OCC’s True Lender Rule

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On June 24, the House of Representatives, like the Senate on May 11, voted to overturn the Office of the Comptroller of Currency’s (OCC) “True Lender Rule” that was finalized in October 2020. The Senate initiated the process...more

Pillsbury Winthrop Shaw Pittman LLP

Financial Services Regulation in a Biden Administration: Personnel Is Policy

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A closely divided Congress will limit financial services legislation but Biden appointees in key regulatory positions will have a large impact on the financial services policy agenda. The Biden administration is likely to...more

Orrick, Herrington & Sutcliffe LLP

The Madden Cloud is Lifting

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In 2015, the Second Circuit’s decision in Madden v. Midland Funding, LLC, raised doubts about whether banks could transfer, sell, or assign their interests in consumer debt without triggering the enforcement of state usury...more

Bradley Arant Boult Cummings LLP

State Attorneys General Challenge OCC Madden Fix

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Last Wednesday, the attorneys general of Illinois, California, and New York filed a lawsuit in the United States District Court for the Northern District of California challenging the Office of the Comptroller of the...more

Bradley Arant Boult Cummings LLP

OCC, FDIC Issue Long-Awaited Valid-When-Made “Madden Fix”

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Recently, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued final rules designed to resolve the uncertainty created by the Second Circuit Court of Appeals’...more

Morgan Lewis - All Things FinReg

FDIC Issues Madden Rule and Affirms ‘Valid When Made’ and ‘Most Favored Lender’ Doctrines

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The Federal Deposit Insurance Corporation (FDIC) issued a final rule on June 25 that reaffirms the enforceability of the interest rate terms of loans made by state-chartered banks and insured branches of foreign banks...more

Ballard Spahr LLP

FDIC Issues “Madden fix” Rule Addressing State Bank Loan Interest Rates After Assignment

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The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. Midland Funding decision. Madden held that a non-bank entity that purchased charged-off loans from a...more

Goodwin

Financial Services Weekly Roundup: OCC Adds “Madden Fix” To Its Playbook

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In This Issue. The Office of the Comptroller of the Currency (OCC) finalized its “Madden fix,” establishing a rule that codifies the “valid when made” principle for nationally chartered banks; the Securities and Exchange...more

Manatt, Phelps & Phillips, LLP

Opponents of OCC’s “Madden Fix” Proposal Preview Their Litigation Strategy

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Comments on the Office of the Comptroller of the Currency’s (OCC) proposed “Madden fix” regulation are in. What Happened - There were 61 comments filed by the usual suspects: trade and consumer groups, state agencies,...more

Jones Day

OCC Fintech Charter Headed to the Second Circuit

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The Situation: The Office of the Comptroller of the Currency ("OCC") has appealed a decision from the Southern District of New York that concluded that the OCC lacks the authority to grant "Fintech Charters" to nondepository...more

Dechert LLP

Federal Regulators to the Rescue? The OCC and FDIC Propose Rules to Address Madden Risk.

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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

Jones Day

Bank Regulators Clarify the "Valid-When-Made" Doctrine

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On November 18, 2019, the Office of the Comptroller of the Currency ("OCC") and the Federal Deposit Insurance Corporation ("FDIC") issued proposed rules ("Proposed Rules") that reaffirm the "valid-when-made" doctrine in...more

Ballard Spahr LLP

OCC and FDIC issue proposed rules to undo Madden

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The OCC and FDIC issued proposed rules this week intended to eliminate the uncertainty created by the Second Circuit’s decision in Madden v. Midland Funding.  In that decision, the Second Circuit held that a nonbank that...more

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