#aae? ,,congress  #b;d ,session  ,h4 ,r4
 #cbii  ,,an ,,act  ,to am5d ! ,revis$  
,/atutes1 ! ,home ,own]s' ,loan ,act1 ! 
,f$]al ,cr$it ,union ,act1 & ! ,f$]al   
,deposit ,insurance ,act to require !   
rate ( int]e/ on c]ta9 loans rema9      
un*ang$ aft] transf] ( ! loan1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,protect+ ,consum]s'       
,access to ,cr$it ,act ( #bjag4  #b4    
,f9d+s ,congress f9ds t--  7#a7 !       
contractual doctr9e ( valid :5 made :i*1
 z appli$ to l5d+ agreem5ts1 provides t 
a loan t is valid at inception _c become
 usuri\s ^u subsequ5t sale or transf] to
 ano!r p]son2  7#b7 ?is important &     
long/&+ pr9ciple d]ives f ! common law &
 its application has be5 a corn]/one (  
,unit$ ,/ates bank+ law = ne>ly #bjj    
ye>s1 z provid$ 9 ! case ,ni*ols v4     
,fe>son1 #cb ,u4,s4 7#g ,pet47 #ajc1    
#ajf 7#ahcc71 :]e ! ,supreme ,c\rt      
fam\sly decl>$3 ,yet ! rule ( law is    
ev]y:]e ackn[l$g$1 t a contract free f  
usury 9 its inception1 %all n be        

invalidat$ by any subsequ5t usuri\s     
transactions ^u x42  7#c7 9 #bjaf1 !    
,solicitor ,g5]al1 9 consultation ) all 
,f$]al bank+ regulators1 fil$ an amicus 
brief 9 ! case ( ,midl& ,fund+1 ,,llc v4
 ,madd51 #acf ,s4 ,ct4 #beje 7#bjaf7    
7mem471 d5y+ c]t4 to #ghf ,f4#c;d #bdf  
7#b;d ,cir4 #bjae71 t describ$ ! ,unit$ 
,/ates ,c\rt ( ,appeals = ! ,second     
,circuit 9 t case incorrect ) an        
analysis reflect+ a misund]/&+ ( section
 #he ( ! ,national ,bank ,act & ,supreme
 ,c\rt prec$5t1 because x contradict$ ! 
contractual doctr9e ( valid :5 made2    
7#d7 ! valid-:5-made doctr9e1 by br++   
c]ta9ty to ! legal treatm5t ( all valid 
loans t are transf]r$1 greatly enhances 
liquidity 9 ! cr$it m>kets by wid5+ !   
pot5tial pool ( loan buy]s & r$uc+ ! co/
 ( cr$it to borr[]s at ! "t (           
orig9ation2  7#e7 a jo9t academic /udy f
 pr(essors at ,/an=d1 ,=dham1 &         
,columbia univ]sities conclud$ t !      
,madd5 v4 ,midl& decision has already   
disproportionately affect$ l[- &        

mod]ate-income individuals 9 ! ,unit$   
,/ates ) l[] ,,fico scores2 &  7#f7 if !
 valid-:5-made doctr9e is n reaffirm$   
soon by ,congress1 ! lack ( access to   
safe & af=dable f9ancial s]vices w =ce  
h\seholds 9 ! ,unit$ ,/ates ) ! fewe/   
res\rces to seek f9ancial products t are
 nontransp>5t1 fail to in=m consum]s    
ab\t ! t]ms ( cr$it available1 & d n    
comply ) ,/ate & ,f$]al laws 7includ+   
regulations74  #c4 ,rate ( int]e/ aft]  
transf] ( loan  7a7 ,am5dm5t to !       
,revis$ ,/atutes ,section #eaig ( !     
,revis$ ,/atutes 7#ab ,u4,s4,c4 #he7 is 
am5d$ by add+ at ! end ! foll[+3 ,a loan
 t is valid :5 made z to its maximum    
rate ( int]e/ 9 accordance ) ?is section
 %all rema9 valid ) respect to su* rate 
reg>dless ( :e!r ! loan is subsequ5tly  
sold1 assign$1 or o!rwise transf]r$ to a
 ?ird p>ty1 & may be en=c$ by su* ?ird  
p>ty not)/&+ any ,/ate law to !         
contr>y44  7b7 ,am5dm5t to ! ,home      
,own]s' ,loan ,act ,section #d7;g7 ( !  
,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 

#adfc7;g77 is am5d$ by add+ at ! end !  
foll[+3  7#c7 ,a loan t is valid :5 made
 z to its maximum rate ( int]e/ 9       
accordance ) ?is subsection %all rema9  
valid ) respect to su* rate reg>dless ( 
:e!r ! loan is subsequ5tly sold1        
assign$1 or o!rwise transf]r$ to a ?ird 
p>ty1 & may be en=c$ by su* ?ird p>ty   
not)/&+ any ,/ate law to ! contr>y4  4  
7c7 ,am5dm5t to ! ,f$]al ,cr$it ,union  
,act ,section #bje7;g7 ( ! ,f$]al ,cr$it
 ,union ,act 7#ab ,u4,s4,c4 #aghe7;g77  
is am5d$ by add+ at ! end ! foll[+3     
7#c7 ,a loan t is valid :5 made z to its
 maximum rate ( int]e/ 9 accordance )   
?is subsection %all rema9 valid )       
respect to su* rate reg>dless ( :e!r !  
loan is subsequ5tly sold1 assign$1 or   
o!rwise transf]r$ to a ?ird p>ty1 & may 
be en=c$ by su* ?ird p>ty not)/&+ any   
,/ate law to ! contr>y4  4  7d7 ,am5dm5t
 to ! ,f$]al ,deposit ,insurance ,act   
,section #bg ( ! ,f$]al ,deposit        
,insurance ,act 7#ab ,u4,s4,c4 #ahca;d7 
is am5d$ by add+ at ! end ! foll[+3  7c7

 ,a loan t is valid :5 made z to its    
maximum rate ( int]e/ 9 accordance ) ?is
 section %all rema9 valid ) respect to  
su* rate reg>dless ( :e!r ! loan is     
subsequ5tly sold1 assign$1 or o!rwise   
transf]r$ to a ?ird p>ty1 & may be en=c$
 by su* ?ird p>ty not)/&+ any ,/ate law 
to ! contr>y4  4  #d4 ,rule (           
con/ruction ,no?+ 9 ?is ,act may be     
con/ru$ z limit+ ! au?ority or          
jurisdiction ( ! ,(fice ( ! ,comptroll] 
( ! ,curr5cy1 ! ,f$]al ,deposit         
,insurance ,corporation1 ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,bureau ( ,consum] ,f9ancial            
,protection1 or ! ,national ,cr$it      
,union ,adm9i/ration4  ,pass$ ! ,h\se ( 
,repres5tatives ,febru>y #ad1           
#bjah4;,cl]k4