12 CFR 7.4001 - Charging interest by national banks at rates permitted competing institutions; charging interest to corporate borrowers
| Cite as | 12 CFR 7.4001 |
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105 practice notes
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Bank activities and operations and real estate lending and appraisals:
National banks; State law applicability,
...The limitations on charges that comprise rates of interest on loans by national banks are determined under Federal law. See 12 U.S.C. 85; 12 CFR 7.4001. State laws purporting to regulate national bank fees and charges that do not constitute interest are addressed in 12 CFR (e) State laws th......
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Reports and guidance documents; availability, etc.:
Economic Growth and Regulatory Paperwork Reduction Act; joint report to Congress,
...Federal court decisions have also addressed the ability of state banks to ``export'' interest rates under 12 U.S.C. 1831d.\26\ \22\ See 12 CFR 7.4001, 7.4006, Interpretive Letter 954, February \23\ See, e.g., Marquette National Bank of Minneapolis v. First of Omaha Service Corp., 439 U.S. 2......
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Meetings:
Petition for Rulemaking to Preempt Certain State Laws; public hearing,
...for usury violations as is provided national banks under section 86.\16\ \13\ GC Opinion No. 10, 63 FR 19258 (Apr. 17, 1998). \14\ 12 CFR 7.4001(a). \15\ GC Opinion No. 11, 63 FR 27282 (May 18, \16\ FDIC Advisory Opinion No. 81-3, February 3, 1981, reprinted in [1988-1989 Transfer Binder] F......
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Bank activities and operations and real estate lending and appraisals:
National banks; State law applicability,
...the state where the borrower is located.\48\ \47\ See 12 U.S.C. 1735f-7a; Wells Fargo Bank II, 2003 WL 21277203. \48\ See 12 U.S.C. 85; 12 CFR 7.4001. See, e.g., Marquette Nat'l Bank, 439 U.S. 299; Tiffany, 85 U.S. 409 (construing 12 U.S.C. 85). See also Section III. B. of the National City......
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75 cases
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Akopyan v. Wells Fargo Home Mortg., Inc., B236455
...The latter are the subject of a separate regulation. (12 C.F.R. § 7.4002.) Interest under section 85 of the NBA includes late fees. (12 C.F.R. § 7.4001(a); Smiley v. Citibank (South Dakota), N.A. (1996) 517 U.S. 735, 744–745, 116 S.Ct. 1730, 135 L.Ed.2d 25 [upholding 12 C.F.R. § 7.4001].) U......
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Powell v. Huntington Nat'l Bank, CIVIL ACTION NO. 2:13–cv–32179
...late-payment fees as provided for by OCC regulations. See 517 U.S. 735, 745–47, 116 S.Ct. 1730, 135 L.Ed.2d 25 (1996) ; see also 12 C.F.R. § 7.4001 ("The term ‘interest’ as used in 12 U.S.C. [§] 85 includes ... late fees...."). The Court concluded that the OCC regulation defining "interest"......
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Akopyan v. Wells Fargo Home Mortg., Inc., B236455
...The latter are the subject of a separate regulation. (12 C.F.R. § 7.4002.) Interest under section 85 of the NBA includes late fees. (12 C.F.R. § 7.4001(a); Smiley v. Citibank (South Dakota), N. A. (1996) 517 U.S. 735, 744-745 [upholding 12 C.F.R. § 7.4001].) Unlike the OTS, the OCC did not ......
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Discover Bank v. Vaden, No. 06-1221.
...numerical percentage rate assigned to a loan but also late payment fees, over the limit fees and other similar charges." Id. (citing 12 C.F.R. § 7.4001(a)) (footnote omitted). In arguing that the FDIA completely preempts state-law usury claims, the FDIC relies on Beneficial National Bank, a......
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19 firm's commentaries
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Current Developments in Bank Deposits and Payment Systems (Spring 2020)
...the flat fees here as something35. Id. at 136.36. Id.37. Id. at 134.38. Id. (citing 12 U.S.C. § 85).39. Id. at 134–35 (citing 12 C.F.R. § 7.4001(a)).40. Id. at 135 (citing 12 C.F.R. § 7.4001(a)).41. Id. (citing 12 C.F.R. § 7.4001(a)).42. Id. (citing Office of the Comptroller of the Curren......
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OCC Issues Final Rule Clarifying the “Valid When Made” Doctrine
...Sold, Assigned, or Otherwise Transferred, 85 Fed. Reg. 33,530 (Jun. 2, 2020). 2 12 U.S.C. 24 (Seventh) and 371. 3 12 U.S.C. 85. 4 12 C.F.R. 7.4001 (national banks); 12 C.F.R. 160.110 (savings associations). 5 Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015). 6 Id. at 248.......
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OCC and FDIC issue proposed rules to undo Madden
...be affected by any subsequent events, including … the sale, assignment, or other transfer of a loan.” The OCC’s rule would be added to 12 C.F.R. §7.4001 which interprets a national bank’s interest rate authority under Section 85 and 12 C.F.R. §160.110 which interprets a federal savings asso......
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OCC and FDIC issue proposed rules to undo Madden
...affected by any subsequent events, including ... the sale, assignment, or other transfer of a loan.” The OCC’s rule would be added to 12 C.F.R. §7.4001 which interprets a national bank’s interest rate authority under Section 85 and 12 C.F.R. §160.110 which interprets a savings association’s......
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