A U.S. District Court denied the assertion by a national bank that a state law requiring the bank to pay interest on certain property-related escrow accounts was preempted by the National Bank Act and OCC regulations.
The U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s motion to dismiss a lawsuit that challenged the OCC’s authority to issue "FinTech" charters under the National Bank Act.
The Federal Reserve Board solicited feedback on whether to amend regulations on reserve requirements to lower the rate of interest paid on excessive balances maintained at FRB banks by eligible institutions.
The Office of the Comptroller of the Currency updated the following booklets of the Comptroller's Handbook: "Bank Premises and Equipment," "Consigned Items and Other Customer Services," and "Litigation and Other Legal Matters."
The New York State Department of Financial Services filed a Complaint to stop the Office of the Comptroller of the Currency from accepting special purpose national bank charter applications from fintech companies.
The Democratic staff of the House Financial Services Committee, citing Republican efforts to repeal the Consumer Financial Protection Bureau arbitration rule, criticized efforts to "functionally terminate" the agency.
The Consumer Financial Protection Bureau requested comments on a proposed rule prohibiting mandatory arbitration clauses that deny entire classes of consumers the chance to take companies to court. The request was published in the Federal Register.
The House Subcommittee on Financial Institutions and Consumer Credit examined whether a recent CFPB proposal that prohibits mandatory arbitration clauses in many consumer financial contracts is "in the public interest and for the protection of consumers."
Cadwalader attorneys reviewed a proposal by the Consumer Financial Protection Bureau that would prohibit the providers of certain consumer financial products and services from using arbitration clauses to block consumers from filing or participating in class action lawsuits.
The Structured Finance Industry Group, Inc. and SIFMA filed an amicus brief urging the U.S. Supreme Court to grant certiorari and reverse a Second Circuit ruling that the application of state usury laws to third-party assignees is not preempted by the National Bank Act.
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