Midland Credit Seeks SCOTUS Review of 2d Circuit Ruling That Significantly Impairs National Banks’ Ability to Sell Loans at Note Rate

On Nov. 9, 2015, Midland Credit Management, Inc., petitioned the Supreme Court to review the Second Circuit’s decision in Madden v. Midland Credit Management, which held that a loan is no longer protected from state usury laws under the National Bank Act (NBA) once it is sold.