Midland Funding v Madden

OCC clarifies who is 'true lender' in bank-nonbank partnerships


The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.


States sue FDIC over 'rent-a-bank' partnerships


A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month.


CRA rule done, OCC set to unveil scoring proposal


Acting Comptroller of the Currency Brian Brooks said the agency plans to issue new assessment procedures within weeks as a follow-up to recent Community Reinvestment Act reforms. He also touched on the “true lender” issue and why the agency is considering a narrow-purpose payments charter.


States' lawsuit alleges OCC rule enables 'rent-a-bank’ schemes


The complaint filed by New York, California and Illinois argues that the regulation, issued in response to the 2015 Madden decision, undermines state laws intended to protect consumers.


OCC seeks to clarify oversight of third-party lending relationships


The OCC is proposing steps for determining which party is the "true lender," which affects how the agency oversees such arrangements.


Regulators update Volcker, swaps and rate-cap rules


Five financial regulatory agencies clarified the meaning of "covered funds" under the Volcker Rule. Meanwhile, the FDIC gave certain banks more flexibility in interaffiliate exchanges of swaps and adopted a workaround of a court decision governing interest rates on loans sold across state lines.


Waters criticizes OCC chief's comments on stay-at-home orders


Acting Comptroller of the Currency Brian Brooks had suggested states and municipalities should end "indefinite shutdowns" meant to combat the spread of the coronavirus. The Democratic lawmaker said he was going against the public health recommendations.


OCC finishes rule meant to sidestep 'Madden' ruling


The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.


Will the U.S. ever enact a national interest rate cap?


Most states have some kind of pricing limit on consumer loans. But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit.


Why House Democrats are at odds over rate cap bill


An intraparty rift went public Wednesday over legislation that would impose a 36% rate limit on all consumer loans. Critics are concerned it would cut off minority borrowers’ access to small-dollar loans and hurt some community banks.