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Financial Services Industry Banking Sector Supreme Court of the United States

WilmerHale

In That Case: Cantero v. Bank of America

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In the Public Interest is excited to present its second annual miniseries examining notable decisions recently issued by the US Supreme Court. In this episode, co-host Michael Dawson is joined by WilmerHale Senior Counsel...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 23

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Ballard Spahr LLP

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

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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

Brownstein Hyatt Farber Schreck

CFPB Funding Structure Heads to Supreme Court in the Wake of Election

As the financial services industry continues to digest what is known so far about election results, a new twist for 2023 emerged this week when the Consumer Financial Protection Bureau (CFPB) put the question of the...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Goodwin

House Votes to Repeal OCC True Lender Rule

Goodwin on

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Morrison & Foerster LLP

Financial Services Report - Spring 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

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Goodwin

Financial Services Weekly News: Bank Regulators Propose Fix to Madden Problem

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), in response to the Second Circuit’s 2015 decision in Madden v. Midland Funding, LLC, each proposed a rule to...more

Morrison & Foerster LLP

After Madden, OCC and FDIC Propose to Reaffirm “Valid When Made” Rule

Morrison & Foerster LLP on

On November 18, 2019, the Office of the Comptroller of the Currency (OCC) took action to reaffirm the “valid when made” doctrine in response to the uncertainty on the validity of interest rates of bank-originated loans sold...more

Goodwin

Financial Services Weekly News - February 2019 #3

Goodwin on

Editor's Note - Good News, Bad News. Key developments in federal securities laws have recently brought both good news and bad news for current and prospective public companies. First, the Securities and Exchange Commission...more

Manatt, Phelps & Phillips, LLP

Insurance Won’t Cover Disgorgement Payment, NY Appellate Court Rules

Applying a U.S. Supreme Court decision in the context of insurance coverage for a bank, a New York appellate court ruled that the amounts paid to the Securities and Exchange Commission (SEC) as disgorgement under a cease and...more

Ballard Spahr LLP

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

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On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

Troutman Pepper

The Solicitor General Weighs in on Madden v. Midland

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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

Polsinelli

Recent Supreme Court Action Creates Uncertainty in Financial Industry

Polsinelli on

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

Troutman Pepper

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

Troutman Pepper on

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

Ballard Spahr LLP

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

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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

Orrick, Herrington & Sutcliffe LLP

Case Update: Midland Funding Madden – Supreme Court Denies Certiorari

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

Troutman Pepper

Supreme Court Decision on Madden Appears Imminent; Midland Files Supplemental Brief

Troutman Pepper on

The U.S. Supreme Court will likely consider whether to grant or deny certiorari in the Madden v. Midland Funding case at its June 23 conference. In addition, Midland filed a supplemental brief with the Supreme Court on June 7...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Morgan Lewis

Update: Midland Funding v. Madden

Morgan Lewis on

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

Manatt, Phelps & Phillips, LLP

Justice Department Sides With Financial Industry on Madden Case

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

Orrick, Herrington & Sutcliffe LLP

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

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

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