Permissible interest on loans that are sold, assigned, or otherwise transferred

20 organizations filed 20 public comments on Permissible interest on loans that are sold, assigned, or otherwise transferred, at the Office of the Comptroller of the Currency. The comment window closed 2380d ago.

Abstract

Federal law establishes that national banks and savings associations (banks) may charge interest on loans at the maximum rate permitted to any state-chartered or licensed lending institution in the state where the bank is located. In addition, banks are generally authorized to sell, assign, or otherwise transfer (transfer) loans and to enter into and assign loan contracts. Despite these authorities, recent developments have created legal uncertainty about the ongoing permissibility of the interest term after a bank transfers a loan. This rule clarifies that when a bank transfers a loan, the interest permissible before the transfer continues to be permissible after the transfer.

Commenters (20)

• American Bankers Associationtrade assoc.

  1 filing · confidence 97%
• American Financial Services Associationtrade assoc.

  1 filing · confidence 85%
• and National Association of Industrial Bankerstrade assoc.

  1 filing · confidence 85%
• Bank Policy Institutetrade assoc.

  1 filing · confidence 97%
• Community Bankers Association of Illinoistrade assoc.

  1 filing · confidence 85%
• Conference of State Bank Supervisorstrade assoc.

  1 filing · confidence 85%
• Electronic Transactions Associationtrade assoc.

  1 filing · confidence 85%
• Hope Enterprise Corporation / Hope Credit Unionunverified attribution

  1 filing · confidence 70%
• INDEPENDENT BANKERS ASSOCIATION OF TEXAStrade assoc.

  1 filing · confidence 85%
• Innovative Lending Platform Associationtrade assoc.

  1 filing · confidence 85%
• Marketplace Lending Associationtrade assoc.

  1 filing · confidence 85%
• Mercatus Center at George Mason Universityunverified attribution

  1 filing · confidence 70%
• Milken Institute Center for Financial Marketstrade assoc.

  1 filing · confidence 85%
• Mortgage Bankers Associationtrade assoc.

  1 filing · confidence 97%
• National Association of Consumer Credit Administratorstrade assoc.

  1 filing · confidence 85%
• North Dakota Economic Security and Prosperity Alliancetrade assoc.

  1 filing · confidence 85%
• Online Lenders Alliancetrade assoc.

  1 filing · confidence 85%
• Receivables Management Association Internationaltrade assoc.

  1 filing · confidence 85%
• The Virginia Bankers Associationtrade assoc.

  1 filing · confidence 85%
• U.S. Chamber of Commerce

  1 filing · confidence 97%