Midland Funding v Madden

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.


House panel to discuss 'rent-a-bank' concerns in two February hearings


The Financial Services Committee will also hold hearings next month on monetary policy, the CFPB and "astroturfing" worries, among other things.


House banking panel to hold two hearings this month on CRA reform plan


House Financial Services Committee Chairwoman Maxine Waters announced she will hold two hearings in January to examine a proposal to overhaul the Community Reinvestment Act.


Why small businesses need regulators' proposed 'Madden' fix


Bank regulators are considering a bypass to the 2015 court ruling governing loan sales that would ultimately offer more credit options to entrepreneurs.


'What could possibly go wrong?': Comments of the week


Readers react to the FDIC's proposal allowing banks to hire ex-cons, regulators looking into climate-change risk at banks, whether rewards programs drive loyal customers and more.


OCC offers roadmap for banks to bypass ‘Madden’ ruling


The 2015 decision posed new legal challenges for institutions trying to sell loans to third parties, but the federal regulatory agency proposed Monday steps for banks and debt parties to evade state interest rate caps.