News & Analysis as of

Preemption Lenders

Mayer Brown

CFPB Preliminarily Determines State Commercial Financing Disclosure Laws Not Preempted by Truth in Lending Act

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Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Patterson Belknap Webb & Tyler LLP

Court of Appeals Holds Bankruptcy Law Does Not Preempt Lender’s Tortious Interference Claims Against Third-Party Non-Debtors

In Sutton 58 Associates LLC v. Pilevsky, the New York Court of Appeals recently held in a 4-3 split decision that, under certain circumstances, bankruptcy law does not preempt a lender’s state law claims against third-party...more

McGlinchey Stafford

Industry News: Recent Developments Affecting Manufactured Housing

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Several industry updates that affect manufactured housing either take effect October 1, 2020, or will be unveiled sometime later this month. Detailed below is a summary of recent developments....more

Troutman Pepper

Oregon Banks and Trade Association File Declaratory Action Requesting Relief from State Legislation Alleged to be Retroactively...

Troutman Pepper on

On August 13, 2020, the Oregon Bankers Association (“OBA”) and three Oregon-chartered banks filed a Complaint for declaratory and injunctive relief against the State of Oregon, Oregon’s Attorney General, and the Director of...more

Vedder Price

Federal Safe Harbor from Liability Expanded for Aircraft Lenders and Lessors

Vedder Price on

After many years of congressional stalemates, the long awaited five-year reauthorization for the Federal Aviation Administration (the FAA) became federal law when signed by President Trump on October 5, 2018 (the...more

Vedder Price

Global Transportation Finance Newsletter - December 2018

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In This Issue: - Federal Safe Harbor from Liability Expanded for Aircraft Lenders and Lessors - ICAO CORSIA Update: Compliance Complexities Under ICAO’s New Carbon Offsetting Scheme Federal Safe Harbor from Liability...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

Dechert LLP

Implications of Madden v. Midland Funding

Dechert LLP on

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

Burr & Forman

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Dechert LLP

Second Circuit Denies Request for Rehearing in Madden v. Midland Funding Case

Dechert LLP on

In a case closely watched by the lending industry, on August 12, 2015, the U.S. Second Circuit Court of Appeals denied a request by Midland Funding, LLC (Midland Funding) to rehear a case decided in May (Madden v. Midland...more

Ballard Spahr LLP

Nevada Amends Law Regarding Deficiency Judgment Calculation

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By amending a statute that limits deficiency judgment amounts in certain cases, Nevada lawmakers have attempted to restore balance as the law applies to commercial properties. The amendments follow a recent wave of litigation...more

Davis Wright Tremaine LLP

Increased Risk for Buyers of Credit Card Loans

Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more

Troutman Pepper

Valid at Inception Rule Shot Down by the Second Circuit

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Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more

Beveridge & Diamond PC

A Municipal Ordinance Requiring Registration and Maintenance of Vacant or Foreclosed Properties Preempted under Chapter 21E

Beveridge & Diamond PC on

A municipal ordinance imposing registration and maintenance obligations upon owners and secured lenders of buildings that are vacant or undergoing foreclosure was preempted by the Massachusetts remediation and clean-up...more

Troutman Pepper

True Lender Issues Cloud the Future of Marketplace Lending

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The relationship between certain peer-to-peer or marketplace lending platforms and the banks who actually make the loans to consumers leads to the often-debated question of “Who is the true lender?” Recent court decisions...more

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