Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we...more
On June 24, the US House of Representatives voted to join the US Senate in a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender”...more
Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval on March 26 that would invalidate the Office of the Comptroller of the Currency’s (OCC’s) true lender final rule. ...more
The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...more
The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the...more
The new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the liquidity crisis caused by the coronavirus (COVID-19) global pandemic through non-recourse lending collateralized by...more
The Office of the Comptroller of the Currency (OCC) issued a proposed rule on July 20 that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...more
As of May 28, 2020 -
The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is...more
The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the...more
The US Treasury Department and Federal Reserve Bank of New York recently released a new set of FAQs and a revised term sheet for the new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address...more
The US Treasury Department and Federal Reserve Bank of New York last week announced changes to the new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the liquidity crisis caused by the...more
A financial crisis-era program is being resurrected to fight the liquidity crisis caused by the global coronavirus (COVID-19) pandemic through lending collateralized by new issuances of asset-backed securities....more
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
6/28/2016
/ Appeals ,
Banking Sector ,
Choice-of-Law ,
Credit Cards ,
Debt Buyers ,
Federal v State Law Application ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
Petition for Writ of Certiorari ,
Preemption ,
SCOTUS ,
Usury ,
Valid When Made Doctrine
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
5/26/2016
/ Appeals ,
Banking Sector ,
Choice-of-Law ,
Credit Cards ,
Debt Buyers ,
Federal v State Law Application ,
Financial Services Industry ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
Online Marketplace Lending ,
Petition for Writ of Certiorari ,
Preemption ,
SCOTUS ,
Solicitor General ,
Usury