The House today approved two bipartisan regulatory reform bills backed by ABA as part of its Blueprint for Growth.
ABA and 10 other banking, business and online lending trade associations today wrote to members of the House and Senate commending lawmakers’ efforts to codify “valid-when-made” doctrine, which states that legally made bank loans may be resold and collected by nonbank entities at the at the same interest rate.
Acting Comptroller of the Currency Keith Noreika today backed a legislative approach that would clarify which laws apply to interest rates on loans if the loans are resold.
Sen. Mark Warner (D-Va.) last week introduced an ABA-supported bipartisan bill clarifying that legally made bank loans may be resold and collected on by nonbank entities at the same interest rate.
Bankers and others are closely watching to find out if the usury battles thought long won and settled are re-opening.