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Agency Proposals Reject Madden Holding: Six Things to Know

November 20, 2019, Covington Alert

On November 18 and 19, 2019, the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) provided long-awaited regulatory affirmation that a bank loan’s rate of interest retains its non-usurious character when acquired by a third-party. The agencies each issued proposed rules that seek, as the OCC put it, to “codify what the OCC and the banking industry have always believed and address recent confusion about the impact of an assignment on permissible interest.”

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