News

Read the latest articles and press releases about securitization and structured finance.

Press Releases

Structured Finance Association Welcomes Court Rulings in Favor of ‘Valid-When-Made’ Doctrine

The Structured Finance Association welcomed separate court rulings affirming the “valid-when-made” doctrine, a nearly 200-year-old principle in contract law that ensures the interest on a loan permissible before transfer continues to be permissible after. The rulings granted summary judgment to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), signaling that the rules in question were properly set forth and promulgated by the respective agencies.

Industry News

Court Issues Rulings in Valid-When-Made OCC and FDIC Litigation

On February 8, judicial rulings came out on two separate cases in the Northern District of California involving rulemakings issued in 2020 by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The plaintiffs – California, Illinois, and New York – alleged the FDIC and OCC rulemakings violated the Administrative Procedure Act.

SFA News

SFA Welcomes Court Rulings in Favor of the OCC and FDIC on “Valid-When-Made” Rulemakings

Late yesterday, Tuesday February 8th, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) received favorable court rulings in cases challenging their so-called “valid-when-made” rules. The court’s rulings granting summary judgment to the OCC and FDIC align with the amicus brief argument set forth by the Structured Finance Association and four fellow trade associations. In each case, the Plaintiffs were three states – California, Illinois and New York – challenging the validity of the rulemakings, and in each cases, the court found in favor of the Federal Agencies.

SFA News

SFA Files Joint Amicus Brief in FDIC Valid-When-Made Litigation

On June 16, SFA filed a joint amicus brief in the Federal Deposit Insurance Corporation (FDIC) rulemaking case pending in California.

Industry News

OCC Confirms It Is Not Reviewing “Valid-When-Made Rule”

Last month, the Senate voted to rescind the "true lender" rule under the Congressional Review Act (CRA). The legislation has since gone to the House which is expected to block the rule as well.

Industry News

House Financial Services Committee Questions Prudential Regulators on LIBOR Transition and True Lender

On May 19, at a House Financial Services Committee hearing titled "Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institution," prudential regulators faced repeated questions about LIBOR transition and congressional efforts underway to repeal the OCC's 2020 True Lender Rule.

Press Releases

Structured Finance Association Opposes Senate Joint Resolution 15

In a letter to U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.), SFA expressed opposition to Senate Joint Resolution 15, which would invalidate the “True Lender” rule issued by the Officer of the Comptroller of the Currency (OCC) in October of last year.

Industry News

Lawmakers Clash Over True Lender Rule

On April 28, The Senate Banking Committee (SBC) convened for a hearing that focused on the Office of the Comptroller of the Currency's (OCC) True Lender Rule. The hearing, titled "The Reemergence of Rent-a-Bank?," focused primarily on payday lending and included discussions on 36% interest rate caps and state usury laws.

SFA News

SFA Submits Amicus Brief in Valid-When-Made Litigation

SFA filed an amicus brief supporting the OCC‘s valid-when-made rule, providing the court with the perspective of our members and industry participants on the importance of the doctrine for liquidity in lending markets, availability of credit to consumers and businesses, and bank safety and soundness.

SFA News

SFA Submits Letter to OCC on True Lender Proposal

On Thursday, September 3, SFA submitted a letter to the Office of the Comptroller of the Currency (OCC) in response to its proposal concerning when national banks or federal savings associations (a “Bank”) make loans and are the “true lender”.

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