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Buckley LLP | USA | 22 Sep 2022

2nd Circuit: NY law on interest payments for escrow accounts is preempted

On September 15, the U.S. Court of Appeals for the Second Circuit held that New York’s interest-on-escrow law impermissibly interferes with the…
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Sidley Austin LLP | USA | 1 Dec 2021

U.S. Banking Agencies Signal Closer Review of Cryptocurrency Activities

On November 23, 2021, the Office of the Comptroller of the Currency (OCC) published Interpretative Letter No. 11791 (the Letter) clarifying the…
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Buckley LLP | USA | 25 Sep 2020

District court: Usury claims preempted by National Bank Act

On September 21, the U.S. District Court for the Western District of New York dismissed allegations against two entities affiliated with a national…
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Morrison & Foerster LLP | USA | 4 Aug 2020

Not So Fast—State Attorneys General Seek to Enjoin OCC’s Final Rule Reaffirming “Valid When Made” Doctrine

On July 29, 2020, the state attorneys general of California, Illinois, and New York filed suit against the Office of the Comptroller of the Currency…
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Bryan Cave Leighton Paisner LLP | USA | 3 Aug 2020

New York, California and Illinois Sue OCC to Block “Valid When Made” Rule

Just two months ago, the Office of Comptroller of the Currency (“OCC”) addressed the “valid when made” doctrine and held that interest rates…
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Bradley Arant Boult Cummings LLP | USA | 22 Jul 2020

OCC Proposes Clarification to True Lender Doctrine

Earlier this week, the OCC released a proposed rule designed to address the “true lender” doctrine, a legal test utilized by courts and regulators to…
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Bradley Arant Boult Cummings LLP | USA | 13 Jul 2020

OCC, FDIC Issue Long-Awaited Valid-When-Made “Madden Fix”

Recently, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued final rules designed to…
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Cadwalader Wickersham & Taft LLP | USA | 10 Jul 2020

U.S. District Court Rejects Preemption Defense on Escrow Account Interest Payments

The U.S. District Court for the District of Maryland denied the assertion by a National Bank that a state law requiring the bank to pay interest on…
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Morrison & Foerster LLP | USA | 2 Jun 2020

Madden Put to Rest? - OCC Finalizes Rule Reaffirming “Valid When Made” Doctrine

On May 29, 2020, the Office of the Comptroller of the Currency (OCC) finalized a rule that reaffirms the “valid when made” doctrine applicable to…
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Buckley LLP | USA | 4 Mar 2020

District court: Maryland’s interest on escrow law not preempted by National Bank Act

On February 24, the U.S. District Court for the District of Maryland denied a National Bank’s motion to dismiss a putative class action alleging the…
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