Topic
Usury
137 published works
Business and Commercial
Class Action Waivers Redux: Ninth Circuit Upholds Arbitration Provision Delegating Enforceability Determination to Arbitrator
By Anna McLean
In Brice v. Haynes Investments LLC, No. 19-15707 (9th Cir. Sept. 16, 2021), the Ninth Circuit considered an appeal by shareholders in Native American tribe-linked online lenders of a district…
A Lawyer's Blog
USURY AND THE FUNERAL CONTRACT
In this case, although a note existed which on its face was usurious, it was not a loan but part of a contract for services.MATTER OF THOMPSON, 2021 NY Slip…
Regulatory Oversight
State Attorneys General File Suit Against OCC, Alleging History May Repeat Itself
By Hannah Couch, Cindy D. Hanson
A group of state attorneys general, led by New York A.G. Letitia James, are attempting to stop the Office of the Comptroller of the Currency (“OCC”) from implementing its new…
Financial Services Perspectives
Florida Court Affirms That Merchant Cash Advance Product Not Subject to Usury Statute
This month, a Florida appellate court held that a merchant cash advance (MCA) purchase and sale agreement was not a “disguised loan” and, therefore, was not subject to Florida’s criminal…
Consumer FinSights
States Sue to Set Aside OCC’s True Lender Rule
New York, California and six other States filed a widely expected lawsuit on January 5 seeking to invalidate the “True Lender” Rule recently issued by the Office of the Comptroller…
Consumer Finance Monitor
Plaintiffs withdraw appeals to Second Circuit from district court decisions holding NBA preempts application of state usury law to securitized credit card receivables
The parties in Petersen v. Chase Card Funding, LLC and Cohen v. Capital One Funding, LLC, have filed Stipulations agreeing to the withdrawal with prejudice of the plaintiffs’ appeals to…
Business Litigation Blog
Credit Card ABS: Capital One Affiliates Secure Dismissal of Putative Class Action Alleging Usury
By David Erroll
In the most recent development in Cohen v. Capital One Funding LLC [1], a case seeking to certify a class asserting that New York State’s usury laws can apply to…
Consumer Finance Monitor
Plaintiffs file appeals with Second Circuit from district court decisions holding NBA preempts application of state usury law to securitized credit card receivables
The plaintiffs in Cohen v. Capital One Funding, LLC and Petersen v. Chase Card Funding, LLC have filed appeals with the Second Circuit from the decisions of two New York…
Global Regulation Tomorrow
Is it still legal? Lingering uncertainty in securitization of loans and the interest rate that can be charged to borrowers
By Patrick Dolan (US), Kathleen Scott (US)
In 2015, the US Court of Appeals for the Second Circuit in New York stunned markets when it issued an opinion in Madden v. Midland Funding, LLC that ignored the…
Consumer Finance Monitor
Second NY federal district court holds NBA preempts application of state usury law to securitized credit card receivables
In Cohen v. Capital One Funding, LLC, the federal district court for the Eastern District of New York joined the federal district court for the Western District of New York…