attorneys filed case challenging the power of Midland as being a bank that is non charge an interest rate that nationwide

attorneys filed case challenging the power of Midland as being a bank that is non charge an interest rate that nationwide

Peter: Right, right, okay. I do want to proceed now to actually the situation which includes kind of been mentioned I think many over the past 12/18 months in this industry and that’s Madden vs. Midland. I simply would really like one to simply really shortly explain the way it is. A lot of people understand on it, but what I do want to delve into is where we’re at today about it so I don’t want to spend a lot of time. We’re recording this on June tenth and I also understand it is a significantly fluid instance, but us a little bit of background about that if you could just give.

Brian: definitely, therefore Saliha Madden is a consumer from nyc, she took down a charge card with Bank of America, the card ended up being fundamentally offered to an entity called FIS Card Services.

B of the and FIS are nationwide banking institutions. Ms. Madden defaulted on her behalf stability that was roughly $5,300 along with her account had been sold to Midland Funding that is a collections company. Midland informed Ms.Madden that interest ended up being nevertheless due from the account during the exact same price that she accrued whenever she had the initial bank card and they also continued to charge her in the price that Bank of America had charged her.

Her attorneys filed case challenging the power of Midland being a non bank to charge an interest rate that a national bank could charge although the loan had been now in the possession of of Midland and never a bank.