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Jeffrey P. Naimon quoted in Law360 article, “NY, Calif. and Ill. sue to block OCC's valid-when-made rule"
Law360Jeffrey P. Naimon
Jeffrey P. Naimon was quoted on July 29, 2020, in a Law360 article, “NY, Calif. and Ill. sue to block OCC's valid-when-made rule,” which discussed three states that sued the Office of the Comptroller of the Currency over its valid-when-made rule, saying the rule would expand federal preemption and benefit predatory lenders seeking to skirt state interest rate caps.
Naimon noted, “Today's challenge to the OCC's rule was expected. A lot of it is a turf war. State regulators are saying that they want to be the ones who regulate fintech because that's going to be a big part of the future. Challenging the valid-when-made rule will have a considerable impact on the securitization market, as banks will face numerous difficulties without assurances that purchasers of loans can enforce interest rates on loans the banks originated.”
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