Topic
Usury
137 published works
Consumer Finance Monitor
NY federal district court holds NBA preempts application of state usury law to securitized credit card receivables
A New York federal district court in Petersen v. Chase Card Funding, LLC held that the National Bank Act (NBA) preempted the plaintiff’s claims that the interest charged on his credit…
Consumer FinSights
New York, California and Illinois – the First to Challenge to the OCC’s Valid-When-Made Rule
It did not take long for the Office of the Comptroller of the Currency’s (“OCC”) May 29 Final Rule codifying the valid-when-made principal to face challenges in court. On July…
Credit Chronometer
OCC Says It Knows How to Identify the “True Lender”
Tank: “How?Morpheus: “He is the one.”— The Matrix Last week, the Office of the Comptroller of the Currency (OCC) did its best to simplify the search for the one “true…
Litigation Finance Journal
Federal Court in Georgia Dismisses Usury Case Against Oasis Legal Finance
By John Freund
Federal Court in Georgia Dismisses Usury Case Against Oasis Legal Finance Consumer legal funder Oasis Legal Finance received some good news on January 24th, when a Georgia federal court dismissed…
Consumer Finance Litigation Bulletin
A New York Class Action Relying on the Second Circuit’s Madden Decision Is In Jeopardy After Magistrate Judge’s Recommendation
By 7767
A New York Class Action Relying on the Second Circuit’s Madden Decision Is In Jeopardy After Magistrate Judge’s Recommendation In 2019, two putative class actions were filed in New York…
Retained Interest
Magistrate Judge Recommends Dismissal in Chase Issuance Trust Usury Lawsuit
By Julie A. Gillespie, Steven M. Kaplan, Jan C. Stewart, Jeffrey P. Taft, Eric T. Mitzenmacher
A United States Magistrate Judge for the United States District Court, Western District of New York, today issued his report and recommendation on the defendants’ motion to dismiss in Petersen…
Business Litigation Blog
Capital One Affiliates Seek Dismissal of Usury Putative Class Action
In the latest development in one of two federal cases examining whether New York usury laws can limit the interest rates charged on credit card debts that are securitized, the…
Consumer Finance Monitor
Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans
By Alan S. Kaplinsky, Mark J. Levin
A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges…
Business Litigation Blog
Credit Card ABS: Securitization and State Usury Laws
By David Erroll
Consumer lending as we know it today – and credit card lending in particular – depend on securitization for significant access to capital. However, the ability of banks to bundle…
Consumer Finance Monitor
Republican lawmakers urge OCC to address Madden through rulemaking
The Republican members of the House Financial Services Committee have sent a letter to Comptroller of the Currency Joseph Otting urging the OCC to make action to address the uncertainty…