NY, Calif. And Ill. Sue To Block OCC's Valid-When-Made Rule
Law360 (July 29, 2020, 3:07 PM EDT) -- New York, California and Illinois sued the Office of the Comptroller of the Currency on Wednesday over its valid-when-made rule, saying the recently promulgated rule would "dramatically expand" federal preemption and be a boon to predatory lenders seeking to skirt state interest rate caps.
The OCC issued its final rule in May, stating that interest rates established on bank-originated debt remain valid even after the debt is transferred to a nonbank partner. The FDIC board approved its own valid-when-made rule in June, clarifying that loans originated by state-chartered banks remain valid throughout the lifetime of the loan.
The attorneys general of...
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