Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Bernard Russell

Posts by Bernard Russell

Increased Risk for Buyers of Credit Card Loans

Posted in Financial Services Litigation and Enforcement
Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to defeat state-law usury claims. In Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015), the Second Circuit rejected the pree… Read the rest

Culture Shock: A Retailer’s Initial Lending Program With a Bank

Posted in Regulatory and Compliance
Many retailers and OEMs have engaged banks to provide private-label credit to their individual and small-business customers, or have joined with banks in offering them cobranded general-purpose credit. Many other retailers/OEMs have yet to do so. Among the key issues that such an entity should weigh when considering such an initiative is the impact of e… Read the rest