9.28.20
On Monday, September 28, the U.S. District Court for the Eastern District of New York granted the defendants’ motion to dismiss in the Cohen v. Capital One case. This follows last week’s decision in the Western District of New York dismissing the Petersen v. Chase case. In keeping with that decision, Judge Matsumoto held that Plaintiffs’ usury claim was completely preempted under Sections 85 and 86 of the National Bank Act and Section 25(b)(1)(B) of the Dodd-Frank Act. Accordingly, Judge Matsumoto declined to reach the “valid when made” question. SFA previously filed an amicus brief with the Bank Policy Institute in October 2019.
Please reach out to someone on the SFA Team, if you have any questions about this case or SFA’s advocacy on Valid When Made.