On June 18, 2024, in NAIB, et al v. Weiser, et al., the United States District Court for the District of Colorado granted the motion for preliminary injunction filed by plaintiffs, the National Association of Industrial...more
Minnesota, Nevada, and Rhode Island are the most recent additions to the list of jurisdictions that have proposed legislation to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections...more
On June 6, 2023, the Board of the Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies) issued...more
7/13/2023
/ Banking Sector ,
Board of Governors ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
Interagency Guidance ,
OCC ,
Risk Management ,
Third-Party
The recent collapse of two large regional banks, and the expedited sale of Credit Suisse due to similar challenges, have left many in the financial services industry uncertain about the future. What should we understand about...more
On Tuesday, February 8, 2022, the United States District Court for the Northern District of California issued two separate orders that upheld the OCC’s and FDIC’s “valid-when-made” rules.
In 2020, the OCC and FDIC issued...more
The U.S. House of Representatives on June 24th voted 218 to 208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). As discussed in earlier alerts, the...more
In recent months, we’ve provided several updates on “True Lender” and “Valid When Made” developments from the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and state...more
The Office of the Comptroller of the Currency (OCC) issued a final rule last week to establish a “simple, bright-line test” to determine when a national bank or federal savings association is the true lender. Under the rule,...more
At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository...more
6/26/2020
/ Bank Loan Markets ,
Branch Offices ,
Compliance ,
Depository Institutions ,
FDIC ,
Final Rules ,
Interest Rates ,
Lenders ,
Non-Depository Institutions ,
Partnerships ,
Real Party in Interest ,
State and Local Government ,
State Charters ,
Valid When Made Doctrine
On June 9, 2020, the Colorado District Court issued an order stating that federal interest rate exportation authority under Section 27 of the Federal Depository Insurance Act does not extend to non-bank entities that purchase...more
6/22/2020
/ Appeals ,
Colorado ,
FDIC ,
Interest Rates ,
Loans ,
Non-Bank Lenders ,
State and Local Government ,
Third Party Purchaser (TPP) ,
True Lender ,
Uniform Commercial Code (UCC) ,
Usury