Forum
U.S. Supreme Court
Case Status
Decided
Docket Number
Term
Cert. Denied
Lower Court Opinion
Questions Presented
Whether the National Bank Act, which preempts state usury laws regulating the interest a national bank may charge on a loan, continues to have preemptive effect after the national bank has sold or otherwise assigned the loan to another entity.
Case Updates
Cert. petition denied
June 27, 2016
U.S. Chamber urges Supreme Court to review decision jeopardizing longstanding usury law principle
December 10, 2015
The U.S. Chamber urged the Supreme Court to review a Second Circuit decision holding that the National Bank Act does not preempt state law usury claims against a non-bank entity collecting on a defaulted loan issued by a national bank.
The Chamber joined with the Clearing House Association, Financial Services Roundtable, Consumer Bankers Association, and Loan Syndications and Trading Association in arguing that the Second Circuit’s decision upsets long-settled expectations concerning the application of usury law. In addition, the brief argues that the Second Circuit’s decision creates a circuit split and poses serious problems for the availability and pricing of credit and the efficient functioning of the credit markets.
H. Rodgin Cohen, Michael M. Wiseman, Sharon L. Nelles, Matthew A. Schwartz, and Stanton R. Gallegos of Sullivan & Cromwell LLP served as co-counsel for the amici.