Civil Litigation,
Banking
Jan. 21, 2021
State attorneys general sue to block ‘true lender rule’
Attorneys general for several states, including California, allege that the rule allows nonbanks to avoid state usury caps by nominally partnering with a national bank.
Carolee Hoover
Partner
McGuireWoods LLP
Carolee focuses her practice on consumer class action litigation for clients ranging from national banks to fintech companies.
Joe Reilly
Senior Counsel
McGuireWoods LLP
Jon has nearly two decades of experience representing financial institutions in a wide variety of regulatory, enforcement and litigation matters. He advises lenders, Fintech start-ups and other financial services providers on a broad range of compliance and lending authority matters, and has defended those clients in enforcement actions, informal investigations and in examinations by the CFPB, OCC, Federal Reserve, FDIC, SEC, numerous state agencies, and the mortgage GSEs.
Alexander Gershen
Alexander focuses his practice on consumer financial litigation and fintech product counseling.
On Jan. 5, the attorneys general of New York, California, the District of Columbia, and five other states filed a lawsuit in the Southern District of New York against the Office of the Comptroller of the Currency, known as the OCC, and against former Acting Comptroller of the Currency Brian Brooks, seeking to set aside the recently issued "true lender" rule.
The widely anticipated lawsuit comes less than one week after the true lend...
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