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OCC Issues Valid-When-Made Rule With an Eye Toward Legal Challenges

USA - June 4 2020 The OCC’s new rule titled “Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred” (the Permissible Interest…

Gregory J. Rubis, Richard P. Eckman 1.

Differing Decisions by Same Judge Highlight Challenges of Drafting MCA Agreements

USA - May 28 2020 Two separate court decisions involving the same plaintiff, both construing the alleged unlawful loan status of a merchant cash advance agreement (MCA…

Gregory J. Nowak.

Merchant Cash Advance Participations and the Federal Securities Laws

USA - May 26 2020 One of the most interesting financial innovations pre-COVID-19 was the creation of the merchant cash advance transaction, or MCAT. While the MCA…

Gregory J. Nowak.

New Bank Interagency Lending Principles Expand Opportunities for Small-Dollar Lending

USA - May 21 2020 On May 20, the OCC, the FDIC, the Federal Reserve Board and the National Credit Union Administration issued “Interagency Lending Principles for…

Richard P. Eckman 1.

Providing Loan Relief to Consumers Affected by the COVID-19 Shutdown Consistent With Safety and Soundness

USA - May 15 2020 On May 14, The Wall Street Journal ran a front-page article titled “Strapped Borrowers Inundate Lenders,” which discussed the efforts of banks to…