News & Analysis as of

Madden v Midland Funding FinTech

Hudson Cook, LLP

Court Upholds "Valid When Made" Rules, But "True Lender" Risk Lives On

Hudson Cook, LLP on

In a victory for fintechs and the banks that partner with them, the U.S. District Court for the Northern District of California recently turned back two challenges by a consortium of state attorneys general to the "valid when...more

Morgan Lewis - All Things FinReg

“Madden Fix” Rules Withstand a Key Test: What Happens Next

More than six years after it was decided, the practical consequences of the US Court of Appeals for the Second Circuit’s Madden v. Midland Funding, LLC decision continue to diminish. The decision—which held that, under some...more

Orrick, Herrington & Sutcliffe LLP

States Seek to Invalidate The OCC True Lender Rule

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

Manatt, Phelps & Phillips, LLP

Fintech Year in Review—2020

As we prepare to put 2020 in the rearview mirror, many of us will not have fond memories of the year. Quarantines, masks, social distancing, unspeakable tragedy, economic ruin for some industries. But the fintech world proved...more

Bradley Arant Boult Cummings LLP

State Attorneys General Challenge OCC Madden Fix

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

Nutter McClennen & Fish LLP

Fintech in Brief: State Attorneys General File Lawsuit Challenging OCC’s ‘Valid When Made’ Rule

On July 29, 2020, the state attorneys general for California, Illinois, and New York filed a complaint against the Office of the Comptroller of the Currency (“OCC”) challenging the OCC’s final “valid when made” rule (the “OCC...more

Manatt, Phelps & Phillips, LLP

OCC Proposes Rule to Define the ‘True Lender’

On the heels of finalizing its Madden-fix rule, the Office of the Comptroller of the Currency (OCC) on July 20, 2020, issued a proposed regulation to address bank-partnership uncertainty arising from the so-called true lender...more

Bradley Arant Boult Cummings LLP

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

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

OCC Madden Rule Is First Step Toward Needed Clarity for Banks Fintechs and Nonbank Lenders

The Office of the Comptroller of the Currency (OCC) issued a final rule on May 29 clarifying that when a national bank or national savings association sells, assigns, or otherwise transfers a loan, interest permissible before...more

Orrick, Herrington & Sutcliffe LLP

Madden Progeny Update

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

Cadwalader, Wickersham & Taft LLP

2019 Year in Review: Securitization Litigation and Regulation

There were significant developments in 2019 as courts continued to issue important decisions in this space and significant legislation impacting the residential mortgage-backed securities (“RMBS”) market came into effect.  A...more

Jones Day

OCC Fintech Charter Headed to the Second Circuit

Jones Day on

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

Ballard Spahr LLP

House Financial Services Committee announces January hearings on CRA, “rent-a-bank schemes,” mobile payments

Ballard Spahr LLP on

The House Financial Services Committee has announced that it will hold the following hearings this month: On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update #7: This and That

There have been a handful of recent marketplace lending developments that indicate that the legal uncertainties in the post-Madden world are not going away anytime soon....more

Goodwin

OCC Announces it Will Accept Applications for Fintech Charter; Treasury Department Releases Fintech Report

Goodwin on

The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from FinTech companies engaged in the business of banking. The agency released a Policy...more

Ballard Spahr LLP

Comptroller Otting comments on short-term, small dollar loan bulletin, special purpose national bank charter for fintech...

Ballard Spahr LLP on

Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee yesterday and before the Senate Banking Committee yesterday....more

Orrick, Herrington & Sutcliffe LLP

The Online Lending Policy Summit Recap

On September 25, the Acting Comptroller of the Currency and leading participants in the online lending industry gathered in Washington, D.C. at the second annual Online Lending Policy Institute (OLPI) Online Lending Policy...more

Ballard Spahr LLP

Acting Comptroller Noreika confirms continued OCC interest in SPNB charter proposal for fintech companies; our thoughts on the...

Ballard Spahr LLP on

Acting Comptroller of the Currency Keith Noreika, in remarks on July 19 to the Exchequer Club, confirmed that the OCC is continuing to consider its proposal to allow financial technology (fintech) companies to apply for a...more

Orrick, Herrington & Sutcliffe LLP

Class Action Against Lending Club and WebBank Headed to Defeat

On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more

Goodwin

Financial Services Weekly News - March 2016 #4

Goodwin on

Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

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