FDIC Votes to Codify ‘Valid-When-Made’ Principle
Following action by the OCC yesterday, the FDIC proposed a rule stipulating that interest rates valid when the loan is made by a bank remain valid when the loan is transferred or sold.
Browsing: Legal
OCC Proposes to Codify ‘Valid-When-Made’ Principle
Providing a long-awaited regulatory solution to court rulings challenging the principle, the OCC today proposed that interest rates valid when the loan is made by a national bank or federal thrift remain valid when the loan is transferred or sold.
Deference Unsettled
The Supreme Court’s unsatisfying ruling in Kisor v. Wilkie may spark inconsistent application and cause circuit splits. Auer deference is anything but settled.
Federal Judge Blocks OCC’s ‘Fintech Charter’
A federal judge in New York yesterday blocked the OCC from issuing charters to non-depository special-purpose national banks, as the agency first proposed to do in 2016.
ABA, Trade Groups Welcome HUD Proposal on ‘Disparate Impact’ Claims
ABA, the Consumer Bankers Association and the Housing Policy Council today welcomed the Department of Housing and Urban Development’s proposed standard for bringing “disparate impact” claims under the Fair Housing Act.
Supreme Court to Review Constitutionality of CFPB Leadership Structure
The Supreme Court today said it would review the constitutionality of the Consumer Financial Protection Bureau’s single powerful director, who can be removed by the president only “for cause,” not at will.
A Push-Pull Fight Over Fintech Charters
The legal battle simmering in New York is the latest iteration of the pushmi-pullyu battle of wills in the dual banking system.
Trump Issues Executive Orders on Guidance Documents, Administrative Enforcement
President Trump yesterday issued an executive order formalizing the administration’s position that guidance documents issued by federal regulatory agencies are not legally binding, and that any legally binding requirements must be issued through regulation.
ABA Challenges Appellate Court’s Reliance on Chevron Doctrine in NCUA Ruling
ABA today filed a petition for the full D.C. Circuit Court of Appeals to review its decision in the association’s challenge of the National Credit Union Administration’s 2016 field of membership rule.
Report: CFPB Will Not Defend Its Leadership Structure in Court
The Consumer Financial Protection Bureau will not defend the constitutionality of its leadership structure—with a single powerful director who can be removed by the president only “for cause,” not at will—according to letters sent by CFPB Director Kathy Kraninger.