News & Analysis as of September 20, 2024

Supreme Court of the United States › Usury

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

Ninth Circuit puts hold on CashCall appeal pending SCOTUS decision in Seila Law; CFPB asks Second Circuit to adjourn oral argument...

Ballard Spahr LLP on 10/28/2019

As expected, the U.S. Supreme Court’s grant of Seila Law’s cert petition is impacting other cases in which the CFPB’s constitutionality has also been challenged. ...more

The Solicitor General Weighs in on Madden v. Midland

Troutman Pepper on 9/6/2016

The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

Supreme Court Declines Review of Controversial Second Circuit Loan Purchase Decision

Nutter McClennen & Fish LLP on 7/13/2016

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

Recent Supreme Court Action Creates Uncertainty in Financial Industry

Polsinelli on 7/13/2016

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

Supreme Court's Rejection Is Not the End of the Road for Madden v. Midland Funding

Troutman Pepper on 7/8/2016

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

U.S. Supreme Court Declines to Hear National Bank Act Preemption Case

Blank Rome LLP on 7/5/2016

Action Item: The United States Supreme Court declined to review a Second Circuit ruling that non-national bank assignees of debt are not entitled to preemption of state usury laws under the National Bank Act. The Supreme...more

Does “Valid When Made” Apply To Evidences Of Indebtedness Qualified Under The CSL?

Allen Matkins on 6/30/2016

Many have expressed disappointment that the U.S. Supreme Court denied certiorari in Midland Funding, LLC v. Madden. The question presented by the petitioners in the case was as follows...more

Supreme Court Denies Certiorari Petition in Madden Case

Morgan Lewis on 6/28/2016

Although it is reasonably unlikely that other circuit courts will follow the Second Circuit decision, it is uncertain whether application of the Madden case in the Second Circuit will be confined to its facts....more

Supreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden v. Midland Funding, LLC

Ballard Spahr LLP on 6/28/2016

The U.S. Supreme Court has denied certiorari to review the decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC. As previously reported, Madden involved a putative class action...more

SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

Manatt, Phelps & Phillips, LLP on 6/28/2016

In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?...more

Case Update: Midland Funding Madden – Supreme Court Denies Certiorari

Orrick, Herrington & Sutcliffe LLP on 6/27/2016

The Supreme Court today denied certiorari in Midland Funding v. Madden. Although the denial leaves the Second Circuit's May 2015 decision in place, it does not signal the Supreme Court's view of the correctness of that ruling...more

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

Ballard Spahr LLP on 5/27/2016

In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the Court should deny the...more

Update: Midland Funding v. Madden

Morgan Lewis on 5/26/2016

In an amicus curiae brief, the US Solicitor General recommends that the petition for certiorari in Madden be denied, but agrees that the Second Circuit’s decision is incorrect and emphasizes the importance of banks being able...more

Justice Department Sides With Financial Industry on Madden Case

Manatt, Phelps & Phillips, LLP on 5/26/2016

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course). In the strongest rebuke yet of the U.S. Court of Appeals...more

Case Update: Midland Funding v. Madden: The Solicitor General Brief Could Be a Game Changer

Orrick, Herrington & Sutcliffe LLP on 5/26/2016

In response to a request of the U.S. Supreme Court (discussed here), the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. Government’s views on the merits of the claims brought in...more

Madden Tells SCOTUS That Marketplace Lenders Should Not Worry About Madden

Manatt, Phelps & Phillips, LLP on 3/1/2016

As the Marketplace Lending (MPL) industry gears up for the upcoming conference trifecta – ABS Vegas, AltFi Europe and LendIt USA 2016, the effect of the Midland Funding, LLC et al. v. Saliha Madden case and its pending appeal...more

Update on Madden v. Midland: Cert. Decision Expected Soon

Troutman Pepper on 1/29/2016

The certiorari petition asks the court to address whether the National Bank Act continues to have preemptive effect after the national bank has sold or otherwise assigned a loan to another entity. In a petition for a...more

U.S. Supreme Court Asked to Decide Whether National Bank Act Preemption of State Usury Laws Applies to Loans Transferred to...

Ballard Spahr LLP on 11/13/2015

The defendants in Madden v. Midland Funding, LLC have filed a petition for certiorari with the U.S. Supreme Court, asking the Court to decide whether the preemption of state usury laws under Section 85 of the National Bank...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 11/10/2015

Case Update: Madden v. Midland Funding - ?On May 22, 2015, the U.S. Court of Appeals for the Second Circuit held in Madden v. Midland Funding that the federal preemption provision of the National Bank Act, 12 U.S.C. §...more

Case Update: Madden v. Midland Funding

Orrick - Finance 20/20 on 11/9/2015

On May 22, 2015, the U.S. Court of Appeals for the Second Circuit held in Madden v. Midland Funding that the federal preemption provision of the National Bank Act, 12 U.S.C. § 85, could not be invoked by a non-national bank...more

The Second Circuit Denies Midland’s Request For Rehearing On Its Decision That Upended Longstanding Principles of Lending Law

Cadwalader, Wickersham & Taft LLP on 8/26/2015

On August 12, 2015, the United States Court of Appeals for the Second Circuit denied Midland Funding, LLC and Midland Credit Management (collectively, “Midland”)’s petition for panel rehearing, or, in the alternative,...more

“Predominant economic interest” — CashCall, Inc. v. Morrisey

Davis Wright Tremaine LLP on 6/16/2015

PLA today posts (alongside the already-posted public WebBank deals) a petition for certiorari filed in the U.S. Supreme Court a few months back in the CashCall rent-a-charter / true lender litigation. In this case, West...more

Update On Tribal Loans To State Residents

Troutman Pepper on 4/5/2013

Native American tribes increasingly are engaging in consumer lending over the Internet. These “tribal loans” present unique legal questions and issues, including whether tribal sovereign immunity shields tribes and their...more

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Supreme Court of the United States › Usury

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