Insight
Madden Progeny Update
by Howard S. Altarescu, Robert Loeb and Ned Hirschfeld | March.05.2020
An update on where the key cases and regulatory actions related to the Second Circuit’s 2015 decision in Madden vs. Midland stand today.
Orrick Madden Alerts
Insight
Federal Regulators Issue Key Guidance on Fintech Issues
by Robert Loeb, Howard S. Altarescu and Christopher J. Cariello | August.02.2018
On July 30, the U.S. Department of the Treasury and the Office of the Comptroller of the Currency provided important guidance on a broad range of ...
Insight
Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court
by Robert Loeb, Howard S. Altarescu, Christopher J. Cariello and Ned Hirschfeld | March.13.2018
Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court.
Insight
The Online Lending Policy Summit Recap
by Robert Loeb and Howard S. Altarescu | September.27.2017
Highlights from the second annual Online Lending Policy Institute (OLPI) Online Lending Policy Summit held September 25 in Washington, D.C.
Insight
Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are Exempt From State Lending Laws
by Robert Loeb, Ned Hirschfeld and Howard S. Altarescu | April.27.2017
The Administrator of Colorado's Uniform Consumer Credit Code moved to dismiss two Banks' actions regarding state lending laws on several grounds.
Insight
Banks Seek Judgment That Loans Facilitated By Online Platforms Are Exempt From Colorado's Lending Laws
by Robert Loeb, Howard S. Altarescu, Christopher J. Cariello and Ned Hirschfeld | April.07.2017
WebBank and Cross River Bank have filed separate federal court actions against the Administrator of Colorado's Uniform Consumer Credit Code.
Insight
Comptroller of the Currency Tom Curry Discusses Fintech Charters
by Howard S. Altarescu and Robert Loeb | March.07.2017
At the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed special purpose national bank charters for fintech companies.
Insight
Madden v. Midland Update: District Court Denies Summary Judgment and Certifies Class
by Robert Loeb, Christopher J. Cariello and Ned Hirschfeld | March.01.2017
After the U.S. Supreme Court refused to grant review of the Second Circuit's May 2015 decision in Madden v. Midland concerning federal preemption of ...
Insight
Class Action Against Lending Club and WebBank Headed to Defeat
by Robert Loeb, Christopher J. Cariello and Ned Hirschfeld | January.31.2017
A federal district court in New York granted a motion to compel arbitration in a class action raising important issues for the fintech industry.
Insight
Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers
by Robert Loeb, Howard S. Altarescu and Christopher J. Cariello | September.26.2016
This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against ...
Finance 20/20
Congress Introduces Bill to Make “Valid When Made” the Law of the Land
by Howard S. Altarescu, Robert Loeb and Christopher J. Cariello | August.20.2016
Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee, introduced H.R. 5724, the Protecting ...
Insight
Case Update: Midland Funding v. Madden – Supplemental Brief
by Robert Loeb, Howard S. Altarescu and Christopher J. Cariello | June.08.2016
As we reported in our case update on May 26, the Solicitor General filed its brief expressing the Government’s views on the cert-worthiness of ...
Insight
Case Update: Midland Funding v. Madden: The Solicitor General Brief Could Be a Game Changer
by Howard S. Altarescu, Robert Loeb and Christopher J. Cariello | May.26.2016
In response to a request of the U.S. Supreme Court, the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. ...
Insight
Case Update: Midland Funding v. Madden
by Howard S. Altarescu, Robert Loeb and Christopher J. Cariello | March.22.2016
The U.S. Supreme Court on Monday issued an order inviting the Solicitor General to provide the views of the United States on whether the Court should ...
Finance 20/20
Madden Case Timeline
by Howard S. Altarescu and Robert Loeb | December.08.2015
Note: These are the outcomes we think are most likely based on our experience and study of this matter. The Supreme Court can, of course, resolve ...
Finance 20/20
Case Update: Madden v. Midland Funding
by Robert Loeb | November.10.2015
As expected, today, November 10, 2015, Midland Funding filed a petition for a writ of certiorari in the United States Supreme Court, asking the Court ...
Insight
Case Update: Madden v. Midland Funding
by Howard S. Altarescu and Robert Loeb | November.06.2015
On May 22, 2015, the U.S. Court of Appeals for the Second Circuit held in Madden v. Midland Funding that the federal preemption provision of the ...
Insight
Case Update: Madden v. Midland Funding
by Robert Loeb and Howard S. Altarescu | August.17.2015
Bob Loeb of Orrick’s Supreme Court & Appellate team and Howard Altarescu of the firm’s Finance team issued an alert summarizing the latest ...
Finance 20/20
Madden v Midland Funding LLC
by Howard S. Altarescu | July.13.2015
On May 22, the Second Circuit Court of Appeals ruled that when a nonbank entity purchases loans from a national bank, the interest rate the nonbank ...