Regulatory Alerts2020-07-22 | 2020-14114Added · Updated
Federal Interest Rate Authority
The Federal Deposit Insurance Corporation finalized regulations clarifying the interest rate authority of State-chartered banks and insured foreign bank branches. The rule permits these institutions to charge interest at their home state’s maximum rate or one percent above the ninety-day commercial paper rate, whichever is greater. It further establishes that interest permissibility attaches at loan origination and remains enforceable despite subsequent changes in state law, commercial paper rates, or loan assignments.
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