article thumbnail

Senator Sanders to introduce bill imposing 15% or lower consumer credit interest rate cap

CFPB Monitor

The Sanders Bill would implicitly repeal well-established doctrines under Section 85 of the National Bank Act (enacted in 1864) and its analogue provisions (enacted in 1980) that provide usury authority for other FDIC-insured banks and thrifts. First of Omaha Corp., Supreme Court in Marquette National Bank v.

article thumbnail

Ballard Spahr Submits Comment Letter to OCC in Support of Proposed True Lender Rule

CFPB Monitor

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. First of Omaha Service Corp., We urge the FDIC to propose and adopt a true lender rule that mirrors the OCC’s Proposed Rule. 251, 256-257 (1995) (citations and internal quotation marks omitted).

FDIC 78
article thumbnail

Who were ICBA’s Top Lenders of 2022?

Independent Banker

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. Two years ago, Lead Bank and Self expanded the program to include a secured credit card. Since the successful Credit Builder Account participants end the program with $1,000 in the bank, they have the cash to secure the card. By Ed Avis.