New Head of the OCC Clarifies the Madden Rule

Brian Brooks became the Acting Comptroller of the Currency last Friday and he hit the ground running; he issued a statement that day regarding the Madden rule, something that has caused significant challenges for online lenders and caused less access to credit for consumers; here is part of his statement, “Today, as one of my first acts as Acting Comptroller of the Currency, I signed a final rule to protect Lincoln’s vision and to clarify that a bank may transfer a loan without affecting the legally permissible interest term. The rule supports the orderly function of markets and promotes the availability of credit by answering the legal uncertainty created by the ‘Madden’ decision.” CrowdFund Insider

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