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Orrick, Herrington & Sutcliffe LLP | USA | 26 May 2023
CFPB announces $9 million settlement with bank on credit card servicing
On May 23, the CFPB announced a settlement to resolve allegations that a National Bank violated TILA and its Implementing Regulation Z, along with…
Mayer Brown | USA | 12 Jan 2023
Iowa Targets Out-of-State Bank Partner for Usury, Shedding Light on State’s Interpretation of DIDMCA Opt-Out
In December, the State of Iowa and the Iowa Division of Banking entered into an Assurance of Discontinuance (“AOD”) with Transportation Alliance Bank…
Orrick, Herrington & Sutcliffe 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…
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…
Orrick, Herrington & Sutcliffe 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…
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…
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…
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…
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…
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…
