Tag Archives: Madden v. Midland Funding

OCC Issues Final Rule Clarifying Permissible Interest on Loans Sold to Third Parties by National Banks and Federal Savings Associations

On May 29, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule to clarify that the interest on a loan originated by a national bank (or a Federal savings association), if permissible when the loan was originated, continues to be permissible after the loan is sold, assigned, or otherwise … Continue Reading

Article: Preemption of State Interest Rate Limitations – Current Challenges Involving Bank Partnership Models

In an article published in the Review of Banking & Financial Services, Covington partner Ashley M. Simonsen argues that “true lender” theories asserted in litigation to invalidate bank–fintech partnerships are inconsistent with federal law, and would chill the market for interstate lending.  The article also suggests that both Congress and the federal banking regulators should … Continue Reading
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