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Expert Analysis

Madden Has Far-Reaching Implications For Loan Investors

Law360, New York (June 29, 2015, 10:22 AM EDT) -- On May 22, 2015, in Madden v. Midland Funding LLC,[1] the United States Court of Appeals for the Second Circuit held that the application of state usury laws to third-party assignees is not preempted by the National Bank Act (NBA) but rather such assignees remain subject to state usury limits. The Madden decision has potentially far-reaching implications for investors in, and securitizers of, bank-originated loans to the extent that it casts into doubt the ability of an assignee of a bank loan to collect interest at the rate originally provided for in the agreement....

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