Consumer Finance Monitor Podcast Episode: Interest Rate Exportation Under Attack Part II
Consumer Finance Monitor Podcast Episode: Interest Rate Exportation Under Attack Part I
Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for Bank and Nonbank Consumer Financial Services Providers
Podcast: 2023 Deal Cycle - Considerations for Transactions in Uncertain Economic Times - Diagnosing Health Care
DE Under 3: Latest Monthly Jobs Report, Unemployment & the US BLS JOLTS Report
THE WONDER YEARS WEBINAR
Mad Dogs and Panameños!
It's (Not) Too Late, Baby!
Switch Hitter! Maximizing the Flexibility of Split Dollar Life Insurance to Create Maximum Financial and Tax Leverage
SWITCH HITTER! Maximizing the Flexibility of Split Dollar Life Insurance to Create Maximum Financial and Tax Leverage
The Family Loan Shark
Podcast: Credit Funds: Withholding Tax on European Investments
Investment Management Update – Exit Strategies
Podcast - Credit Funds: Make-Wholes and Cramdowns: Understanding the Recent Second Circuit Momentive Decision
Will The Debt Ceiling Standoff End Up In Court?
Symptoms of Student Loan Crisis Reveal Bubble About to Burst
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
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
Though a legal concept in existence in our nation’s jurisprudence for more than two hundred years, “valid when made” continues to be a heated topic of debate. Such controversy is to be expected given the treatment (or...more
In an effort to address the uncertainty created by the U.S. Second Circuit Court of Appeal’s holding in Madden v. Midland Funding, on May 29, 2020, the Office of the Comptroller of the Currency (OCC) adopted a final rule...more
The OCC’s new rule titled “Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred” (the Permissible Interest Rule) states that a national bank “may transfer a loan without impacting the permissibility...more
On Friday, the United States Office of the Comptroller of the Currency (“OCC”) finalized a regulation regarding the “Permissible Interest on Loans that are Sold, Assigned, or Otherwise Transferred” by national banks and...more
The Republican members of the House Financial Services Committee have sent a letter to Comptroller of the Currency Joseph Otting urging the OCC to make action to address the uncertainty created by Second Circuit’s Madden...more
I don’t understand why Professor Levitin is attacking the OCC and FDIC for filing an amicus brief in an “obscure small business bankruptcy case to which a bank was not even a party.” The brief was an exceptional piece of...more
On September 10, the FDIC and the OCC jointly submitted an amicus brief to the U.S. District Court for the District of Colorado in support of the appellee debt buyer in In re Rent-Rite Super Kegs West Ltd. ...more
A watershed moment is “the exact moment that changes the direction of an activity or situation . . . a dividing point, from which things will never be the same.” The Second Circuit Court of Appeals’ 2015 decision in Madden v....more
A group of state attorneys general reached out to congressional leadership, pushing back against the Madden fix legislation pending in the U.S. House of Representatives....more
A group of 21 state attorneys general have sent a letter to the Senate majority and minority leaders as well as to the chairman and ranking member of the Senate Banking Committee urging them to reject H.R. 3299 (“Protecting...more
The United States House of Representatives passed H.R. 3299, commonly known as the “Madden fix” bill, by a vote of 245-171 on February 14, 2018. The bill, which is officially entitled “Protecting Consumers’ Access to Credit...more
By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more
A bill to provide a “Madden fix” and three other bills relevant to mortgage lenders were included among the more than 20 bills approved by the House Financial Services Committee on November 15, 2017. With the exception of...more
In Madden, the Second Circuit ruled that a nonbank that purchases loans from a national bank could not charge the same rate of interest on the loan that Section 85 of the National Bank Act allows the national bank to charge. ...more
Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding. (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a...more
This past Thursday, by a vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill. In addition to multiple provisions to reform the CFPB,...more
In a recent blog post, Alan Kaplinsky and Scott Pearson wrote about the remarks made by CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry at the LendIt USA conference in New York City earlier this...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
Where do marketplace lenders and secondary loan market participants find themselves on the issue of preemption of state usury laws after the June 27 denial of the petition for a writ of certiorari in Madden v. Midland by the...more
On June 27, 2016, the Supreme Court of the United States (the “Court”) denied Midland Funding LLC’s petition for certiorari in Madden v. Midland Funding, thereby letting stand a ruling by the Court of Appeals for the Second...more
The United States Supreme Court recently declined to review the Second Circuit’s controversial opinion in Madden v. Midland Funding. As a result, uncertainty remains for non-bank purchasers of commercial paper on the...more
On June 27, 2016, the U.S. Supreme Court declined to review a Second Circuit Court of Appeals decision in the case of Madden v. Midland Funding, LLC. The High Court’s decision will allow a consumer class action against...more
Regardless of whether or not Midland’s case is successful at the district court, there are a number of reasons why the Second Circuit’s Madden decision is not as disastrous as some have portrayed it to be. On June 27,...more