The Protecting Consumers’ Access to Credit Act of 2017 was passed by the US House of Representatives. Source
Yesterday, I attended the second annual Online Lending Policy Summit in Washington DC. It was headlined by the Acting head of the...
[Editor’s note: This is a guest post from Brian S. Korn, a Capital Markets Partner at the law firm Manatt, Phelps...
The Madden v. Midland case has been a topic many lenders have been following closely for over two years. Our...
[Editor’s note: This is a guest post from Brian S. Korn, a Capital Markets Partner at the law firm Manatt, Phelps & Phillips,...
Madden v. Midland has been proceeding since 2015; Judge Cathy Seibal of the US District Court for the Southern District of New York issued a decision in the case on February 27; Manatt, Phelps & Phillips, LLP provides their insight on the court's decision; the central focus of the case is on the inconsistency between the issuing lender (New York) and Midland Funding, the debt collector, (Delaware); the judge ruled in favor of the borrower in default setting a precedent for better alignment between rates of issuing lenders and the loan's affiliated debt collectors. Source
We have covered the Madden vs. Midland Funding case in depth over the last year. It is centered around exporting interest...
I started writing about marketplace lending back in 2010, so I have spent almost the entire decade immersed in this...
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There were some new developments in the Madden case, something we have been following for many years here on Lend...
The US District Court for the Southern District of New York issued a decision in Madden v. Midland Funding, LLC; in determining whether New York or Delaware law governed the contractual relationship of the parties, the judge ruled that applying Delaware law would violate usury policies in New York which limit interest to 25% per year. Source