Stop The Madden Madness

Law360, New York (November 25, 2015, 11:05 AM EST) -- Michael C. Tomkies

Susan Manship Seaman Madden v. Midland Funding[1] has created uncertainty in the financial services industry regarding the ability of third-party assignees of bank loans to charge the interest rate legally established by an originating national bank. Some have interpreted Madden to subject assignees to the full application of individual state interest rate limitations and penalties with respect to usury claims, calling into question the long‑standing so-called "valid when made" (VWM) doctrine. Is the sky falling? We think not.

Fairly read, the opinion of the U.S. Court of Appeals for the Second Circuit merely clarifies a relatively narrow point...

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