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Supreme Court won’t hear Madden
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Banking, Case Law
Friday, July 8, 2016
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The Supreme Court has denied hearing an appeal in a case involving whether state usury laws still apply after a national bank sells or assigns a loan to a non-national bank entity. The denial means the ruling in Madden v. Midland Funding Inc. will become binding precedent in the U.S. Court of Appeals Second Circuit jurisdiction, which includes Connecticut, New York and Vermont. Moody’s Investors Service issued a report detailing the impact of the move. Read on to see what affect the case could have on selling loans to non-banks in the secondary market.
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