FDIC, OCC Take Swipe At 'Unfathomable' Madden Decision

Law360 (September 11, 2019, 6:55 PM EDT) -- Federal banking regulators on Tuesday waded into a Colorado bankruptcy appeal over a high-interest business loan that was originated by a bank and later assigned to a nonbank, standing up for a legal doctrine on loan validity and knocking the Second Circuit's controversial Madden decision for "unfathomable" gaps in its legal analysis.

In an amicus brief, the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency told a Colorado federal court that a Denver bankruptcy judge was right to brush aside the Second Circuit's 2015 decision in Madden v. Midland Funding in a May ruling that refused to disallow...

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