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OCC Issues Final Rule to Fix Madden




John ReVeal and Judie Rinearson

On May 29, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule ( to clarify that, when a federal or state-chartered savings association transfers a loan portfolio,  interest permissible on the loans before the transfer continues to be permissible after the transfer.  In this way, the OCC hopes to resolve the uncertainty created by the Madden v. Midland Funding, LLC decision (“Madden”). 

Prior to Madden, it had long been understood that a non-usurious loan does not become usurious due solely to the fact that it was assigned or sold to a third party.  This “valid-when-made” doctrine allowed the sale and purchase of loans with reasonable confidence that they would be enforceable after their sale.  But the Madden court held that the purchaser of a credit card portfolio, because it was not a national bank could not charge the same interest rates that had been permissible for the national bank.  Although the court didn’t discuss the valid-when-made doctrine, by declaring the credit card interest rates to be usurious after the accounts had been sold to a non-national bank, the court upended longstanding market practices. 

The OCC’s Final Rule amends the existing regulations that implement Section 85 for national banks and 12 U.S.C. § 1463(g) for savings associations (“Section 1463(g)”), in each case with the addition of a single paragraph stating that interest on a loan that is permissible under Section 85 or Section 1463(g), as applicable, “shall not be affected by the sale, assignment, or other transfer of the loan.” 

By carefully characterizing the Final Rule as simply interpreting the scope of Section 85 and Section 1463(g), rather than as a rule providing for preemption of state law, the OCC supports a similar approach and result from the FDIC for state chartered banks.  Thus, the FDIC can follow the OCC and issue a final rule based on their interpretation of the scope of Section 27(a).  In doing so, they too can avoid any politically sensitive preemption determinations.

The OCC’s Final Rule is good news for national banks, savings associations, their investors and the lending market place.  It is reasonable to expect that the FDIC will take a similar step to help state banks and their investors, finally bring financial institutions back to the pre-Madden days.



Minimum Wage Workers Can Now Get Guaranteed Payday Loans No Matter What In Canada





Covid-19 has cost many their jobs in Canada. And many of them are daily wagers.

Thankfully, government and private agencies have come forth to help the minimum wage workers. Yes, the minimum wage workers can try guaranteed payday loans no matter what Canada at and that too for free. There are no credit limits, no scores, and no collateral needed. That’s quite a relief.


But, how do these payday loans work?

Usually, people who do not have a stable income seek small financial aids, time, and again. To help them, financial institutes arrange for small loans, usually equivalent to a fraction of the paycheque of the borrower. And these loans are commonly known as payday loans. The name is self-explanatory of the fact.

But, the harsh reality is- these loans are offered at higher interest rates, usually. And to more surprise, not many banks offer these loans.


So, who offers these payday loans?

Though centralized banking institutes don’t offer payday loans, it does not mean there are no options. Of course, there are other alternatives- online money lending networks.

🔥👉 Yes, you read that right!

Online money lending networks are the most popularly sought option during these tough times. And there are several reasons for this as well. For starters, the pandemic has caused many of us to stay inside and avoid visiting bustling banks. So, online solutions seem better to access.

That being said, these online money lending networks do not offer loans. But instead, they help the borrowers connect with private financers who can lend a payday loan. And the fact that the borrower has multiple options to choose from also creates a competitive environment among the lenders.

👉 For example, these lenders often offer loans at competitive interest rates and flexible repayment options. And in addition to this, some lenders would also go as far as neglecting a bad credit score. So, in short, no matter what minimum wage workers can expect a guaranteed payday loan in Canada.


How to apply for online payday loans?

Of course, like any other loan, payday loans also have some necessary formalities. Though these formalities are not as tough as a conventional bank, familiarizing with them is only for your benefit.

We’ll get to the formalities in a while, but before that, you must know where to begin your search. And, of course, how to begin.

👉Keep reading to know more.


Finding the right lender-

The first step to finding yourself a payday loan is finding a lender. Now, as already mentioned online money lending networks are a great resource for connecting with these lenders. But then again, it can be overwhelming to choose the best fitting lender for your needs.

For starters, you must shortlist the lenders that offer you loans at reasonable interest rates. The interest rate is by far the most influential factor governing your finances in the long run.

Once you have a list of lenders who fit into your desired interest rate category, you must look for other rating factors. For example, you must look into the processing fees they charge, the repayment options they offer, and also the time they offer you a loan for. Ensuring all these factors you can easily find a lender that suits your needs and doesn’t hurt your pocket.

Fulfilling the eligibility-

As already mentioned even the payday loans require you to fulfill some formalities. But, notably, these formalities are not as strict as a banking institute would scrutinize you before lending a loan.

Usually, for applying for a payday loan the borrower is required to submit a proof of income. It needs not to be permanent but there must be some income to ensure that the loan can be repaid.

The reason why lenders explore eligibility is the fact that these loans are guaranteed. In other words, the lenders do not ask the borrowers to put in some collateral for availing a payday loan.


Filing the documentation-

Once you’re sure that you are eligible for a payday loan, the next step is filing the documentation. Notably, there are no papers to be filed as with a traditional bank, since the complete process is online.

A borrower (you) is required to upload a copy of income details, and some personal details such as name, residence proof, etc. On carefully checking through these details, the lender would make an offer.

The best part about applying for an online payday loan is- the complete process is simple and quick. All these documentation procedures won’t take any more than 2-3 minutes of your time.


Awaiting loan to be credited in the bank account-

The last step is receiving the amount in your bank account. On the successful application of a payday loan online, it takes about 24 hours for the amount to be credited into your bank account.

The loan amount for a payday loan usually varies between a few hundred dollars to not more than two thousand dollars. And accordingly, the repayment tenures vary between a few weeks to not more than a year.

So when you’re applying for a payday loan, you must optimize between these two factors- the amount and the repayment schedule. Many lenders offer a flexible EMI option as well. So, you can also look for such added features to your loan application.


👉Minimum wage workers are the worst hit due to this pandemic. And it’s not only in Canada but all around the world. It is indeed a responsible act of retaliation to support these most important parts of the social economy. Be it payday loans, or any other form of short-term loans to help these people cope with the tough times, financial institutes are doing their part.

And these economically struggling classes are, of course, benefitting from these changes.


🔥👉 Author– ( Plato )

Source: I mean

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Insurtech Bolttech Expands Its Footprint to South Korea With LG U+




bolttech, an insurtech company that is a part of the Pacific Century Group, announced its expansion into South Korea through the launch of its partnership with LG U+, one of South Korea’s telecommunications carriers.

LG U+’s customers around the country can now benefit from bolttech’s protection for their mobile devices through the switch service ‘My Phone Switch’.

bolttech’s entry to South Korea represents its 13th market across 3 continents which includes Austria, Hong Kong, India, Indonesia, Italy, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, and the United States.

Rob Schimek, Group Chief Executive Officer at bolttech, said,

Rob Schimek

Rob Schimek

“South Korea is an important market for us, and we are thrilled to partner with LG U+, a household name and one of the largest carriers in South Korea with a huge customer base. Together we can bring cutting-edge device protection solutions to their tech-savvy customers.”

‘My Phone Switch’ enables customers to switch their mobile devices for whatever reason with no exclusions – be it screen cracks and dents, water damage, out-of-warranty repairs, or if they want to try a new device or colour – up to 2 times in 2 years.

According to their statement, customers can get their switched devices delivered in as fast as six hours within Seoul, and a next day delivery is available for customers in the other cities.

Youngkun Chang

Youngkun Chang

Youngkun Chang, General Manager of South Korea at bolttech, commented,

“We are proud to partner with LG U+ to bring innovative device protection to more people in the country and provide a digital customer experience that keeps people connected.”

Featured image: Edited from Unsplash

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Varo Bank’s new tech stack paves way for small-dollar lending




In its first product launch since receiving its national bank charter in July, Varo Bank is targeting the small dollar lending market with the debut of Varo Advance. Varo Advance instantly advances up to $100 to customers who have made at least $1,000 in qualifying direct deposits within the previous 31 days, Chief Technology Officer […]


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