FDIC Board Member Gruenberg Issues Statement on Federal Interest Rate Authority
November 19, 2019
November 19, 2019
WASHINGTON, Nov. 19 -- The Federal Deposit Insurance Corporation issued the following statement by Board Member Martin J. Gruenberg on the notice of proposed rulemaking on federal interest rate authority:
"The Notice of Proposed Rulemaking (NPR) before the FDIC Board today is prompted by a 2015 decision of the U.S. Court of Appeals for the Second Circuit, Madden v. Midland Funding, LLC./1 In that case, the court decided that preemption of state law did not apply to the interest . . .
"The Notice of Proposed Rulemaking (NPR) before the FDIC Board today is prompted by a 2015 decision of the U.S. Court of Appeals for the Second Circuit, Madden v. Midland Funding, LLC./1 In that case, the court decided that preemption of state law did not apply to the interest . . .