The Madden v. Midland case has been a topic many lenders have been following closely for over two years. Our...
Yesterday, I attended the second annual Online Lending Policy Summit in Washington DC. It was headlined by the Acting head of the...
We have been covering the Madden issue for several years here on Lend Academy (the full list of coverage is...
[Editor’s Note: This is a guest post from Scott Stewart, CEO of the Innovative Lending Platform Association. ] Courts are distorting...
A proposed settlement in the Madden vs Midland case has been filed that would provide $9.8 million in cash and debt...
The Madden v. Midland case has been a closely followed case for over two years by the marketplace lending industry; bills are now being introduced to hopefully fix the ambiguity around the case; Lend Academy shares the history of the case and perspectives from Adam Levitin, professor of law at Georgetown University, Nat Hoopes, executive director of the Marketplace Lending Association, and Brian Korn, partner at the law firm Manatt, Phelps & Phillips. Source
Madden v. Midland has been proceeding since 2015; Judge Cathy Seibal of the US District Court for the Southern District of New York issued a decision in the case on February 27; Manatt, Phelps & Phillips, LLP provides their insight on the court's decision; the central focus of the case is on the inconsistency between the issuing lender (New York) and Midland Funding, the debt collector, (Delaware); the judge ruled in favor of the borrower in default setting a precedent for better alignment between rates of issuing lenders and the loan's affiliated debt collectors. Source
The Protecting Consumers’ Access to Credit Act of 2017 was passed by the US House of Representatives. Source
[Editor’s Note: We recently covered in depth what is going on with marketplace lending and regulation in a podcast with Brian...
I started writing about marketplace lending back in 2010, so I have spent almost the entire decade immersed in this...