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
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