The U.S. Court of Appeals for the Second Circuit recently ruled in Madden v. Midland Funding that a purchaser of charged-off debts from a national bank was not entitled to assert the preemption of state usury laws available to national banks under Section 85 of the National Bank Act (NBA).

The case has significant implications, not only for purchasers of charged-off debt from national banks, but also for a wide variety of other lending programs and arrangements that rely on the originating bank’s preemptive authority under federal law to charge interest rates and fees greater than those permitted under otherwise applicable state law.

Topics

  • Status of and prospects for appellate and other challenges to the Second Circuit’s decision
  • Implications for debt purchasers, including purchasers of charged-off debt
  • Repercussions for marketplace lending programs and other arrangements that rely on the originating bank’s preemptive authority under federal law
  • Structuring options and recommendations for companies to protect themselves from the fallout of the decision on a going-forward basis

Program

Tuesday, July 14, 2015
12:00 PM - 1:00 PM ET

Moderator

Alan S. Kaplinsky, Practice Leader
Consumer Financial Services Group

Presenter

Jeremy T. Rosenblum, Practice Leader
Consumer Financial Services Group

Scott M. Pearson, Partner
Consumer Financial Services Group

This program is open to Ballard Spahr clients and members of the financial services industry. There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa M. Prickril at prickrill@ballardspahr.com.

Register

Related Practice

Consumer Financial Services