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Proposed Legislation › Interest Rates › Banking Sector

Ballard Spahr LLP

Senators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%

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Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%....more

White & Case LLP

Proposed NY Law Targets LIBOR Fallback Problems

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New legislation would ease benchmark transition for tough-to-amend contracts governed by NY law - New York State Senator Kevin Thomas has introduced a bill that would provide a legislative fix for contracts that lack...more

Smith Debnam Narron Drake Saintsing & Myers,...

Madden Fix Bill Passes House, Faces Uncertain Fate In Senate

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The United States House of Representatives passed H.R. 3299, commonly known as the “Madden fix” bill, by a vote of 245-171 on February 14, 2018. The bill, which is officially entitled “Protecting Consumers’ Access to Credit...more

Ballard Spahr LLP

House passes “Madden fix” bill

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By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more

Ballard Spahr LLP

Bipartisan bill to provide “true lender” fix introduced in House

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A bipartisan group of five House members introduced a bill (H.R. 4439) last month that is intended to address the so-called “true lender” issue, which creates risk with respect to some loans made by banks with substantial...more

Ballard Spahr LLP

House Financial Services Committee Approves "Madden fix" Bill

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A bill to provide a "Madden fix" and three other bills relevant to mortgage lenders were included among the more than 20 bills approved by the House Financial Services Committee on November 15, 2017. With the exception of...more

Ballard Spahr LLP

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

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Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

Ballard Spahr LLP

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

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Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Ballard Spahr LLP

Senate bill introduced to override Madden decision

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Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding. (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a...more

Bradley Arant Boult Cummings LLP

Consumer Lending Industry Targeted by the Alabama Legislature

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Last month, a group of 45 members of Alabama’s House of Representatives introduced a proposed amendment to the Alabama Constitution that would cap the interest rate a lender may charge an individual on a “consumer loan, line...more

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