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Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding.  (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a national bank could not charge the same rate of interest on the loan that Section 85 of the National Bank Act allows the national bank to charge.) … Continue Reading

Despite the CFPB’s plans to issue a proposed regulation concerning prepaid cards this spring, Senator Mark Warner has introduced a bill (S. 1903 ) that would require new disclosures for prepaid cards.  The bill, entitled the “Prepaid Card Disclosure Act of 2014,” would amend the Electronic Fund Transfer Act to require any person that offers certain prepaid cards to provide a table of card fees with any application, solicitation or offer and, on the card, a toll-free number and website at which the consumer can access a disclosure of card fees. … Continue Reading