Partisan Divide Dominates Bank-Nonbank Partnership Hearing

Law360 (February 5, 2020, 9:22 PM EST) -- A House Financial Services Committee hearing on Wednesday that covered bank-nonbank partnerships and the application of state interest rate caps grew partisan as Republican members urged a soft legislative touch and Democrats called for stronger federal protections against predatory lending.

The hearing touched on proposed rules from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation that aim to mitigate industry concerns following the 2015 Second Circuit decision in Madden v. Midland Funding. That case upended long-standing industry expectations that the legality of the interest rate charged on a bank-originated loan doesn't change if the bank...

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