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
1/7/2021
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Madden v Midland Funding ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securitization
As expected, the attorneys general of three large states have sued to block the “Madden fix” rule recently adopted by the Office of the Comptroller of the Currency (OCC). The lawsuit ensures that the uncertainty surrounding...more
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
7/28/2020
/ Consumer Financial Products ,
Consumer Protection Laws ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Madden v Midland Funding ,
OCC ,
Regulatory Standards ,
True Lender
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations. Adopted as proposed, the final rule...more
In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a...more
2/27/2020
/ Capital Markets ,
Class Action ,
Financial Services Industry ,
Madden v Midland Funding ,
Market Participants ,
Motion to Dismiss ,
National Bank Act ,
Preemption ,
Proposed Regulation ,
Securitization Vehicles ,
Usury
The House Financial Services Committee held the first of a two-part hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”
For the first...more
Comments on the Office of the Comptroller of the Currency’s (OCC) proposed “Madden fix” regulation are in.
What Happened -
There were 61 comments filed by the usual suspects: trade and consumer groups, state agencies,...more
2/10/2020
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Lenders ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Litigation Strategies ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC
In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the...more
In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank....more
On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based...more