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Seven states and D.C. file lawsuit challenging FDIC “Madden fix” rule

CFPB Monitor

The central allegations in the new complaint generally track those made in the lawsuit against the OCC. The plain language of the governing federal statute applies only to interest that an FDIC-insured state bank may charge. The FDIC’s rule purports to regulate activities of non-banks which are beyond the FDIC’s jurisdiction.

FDIC 78
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Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Jeff For Banks

//Jeff Marsico remarks to the 2023 New Jersey Bankers' Association Annual Convention: May 19, 2023// Four decades ago, the prolonged savings-and-loan crisis devastated the industry. Third, the regulators need adequate financial resources. My lesson learned to the regulators, read your past lessons learned. What caused it?

FDIC 78
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Plaintiffs in lawsuit challenging OCC Madden-fix rule move for summary judgment

CFPB Monitor

The OCC has merely speculated that Madden has caused uncertainty in secondary credit markets and, in any event, application of state rate caps to non-banks does not significantly interfere with national banks’ ability to make and sell loans. President-Biden is expected to appoint a new Comptroller of the Currency.

FDIC 78