News & Analysis as of November 19, 2024

Interest Rates

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Colorado interest rate preemption opt-out challenged in federal court

Ballard Spahr LLP on 3/27/2024

On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that...more

Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for...

Ballard Spahr LLP on 12/21/2023

Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more

Preemption Update and Future Implications: Congress Repeals The OCC’s True Lender Rule

Moore & Van Allen PLLC on 7/22/2021

Congress has voted to overturn the Office of the Comptroller of the Currency’s (“OCC’s”) “true lender” rule under the Congressional Review Act (“CRA”), and the President has signed the resolution. Repeal of the “true lender”...more

FDIC files summary judgment motion in lawsuit challenging its “Madden-fix” rule

Ballard Spahr LLP on 5/27/2021

The FDIC has filed a motion for summary judgment in the lawsuit filed by the Attorney Generals of six states and District of Columbia to set aside the FDIC’s “Madden-fix” rule. The filing also includes the FDIC’s opposition...more

Financial Services Report - Spring 2021

Morrison & Foerster LLP on 3/2/2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Madden Progeny Update

Orrick, Herrington & Sutcliffe LLP on 3/10/2020

The Second Circuit’s decision in Madden v. Midland Funding, LLC was announced in 2015. Since that time, there have been a number of cases brought based on the Second Circuit opinion, as well as recent regulatory proposals...more

FDIC And OCC Issue Strong Rebuke To Madden In Joint Amicus Brief: 'madden Is Not Just Wrong; It Is Unfathomable'

Troutman Pepper on 9/19/2019

On September 10, the FDIC and the OCC jointly submitted an amicus brief to the U.S. District Court for the District of Colorado in support of the appellee debt buyer in In re Rent-Rite Super Kegs West Ltd. ...more

What's Old is New Again: The Future of Bank Partnership Programs from Small Dollar Installment Loans to Mortgages to Everything

Hudson Cook, LLP on 6/14/2019

Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more

Valid at Inception Rule Shot Down by the Second Circuit

Troutman Pepper on 6/25/2015

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

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