President Trump has nominated Brian Johnson for a five year term to serve as Director of the Consumer Financial Protection Bureau (CFPB). Johnson is the third nomination Trump has made to fill the position. The first two nominations were Jonathan McKiernan and Stuart Levenbach. Perhaps, the third time will be a charm.… Continue Reading
Alan S. Kaplinsky
NCUA Issues Interim Final Rule Clarifying Federal Credit Union Authority to Charge Non-Interest Fees and Preempt State Regulation
By Alan S. Kaplinsky & Kaley Schafer on
Posted in NCUA, State Regulation
On June 8, 2026, the National Credit Union Administration (NCUA) announced the adoption of an Interim Final Rule clarifying the authority of federal credit unions (FCUs) to impose non-interest charges and fees, including interchange fees associated with payment card transactions. The rule, which becomes effective on June 30, 2026, reinforces NCUA’s position that federal law exclusively governs FCUs’ authority to assess such fees and that state laws purporting to regulate those fees are preempted.… Continue Reading
Prominent Consumer Credit Scholars and Center for Individual Freedom File Amicus Brief Supporting Plaintiffs in Colorado Opt-out Appeal
Posted in State Regulation
On June 2, 2026, Professors Todd Zywicki and Thomas Miller, Jr., together with the Center for Individual Freedom, filed an amicus brief in support of the plaintiff trade associations in National Association of Industrial Bankers, et al. v. Weiser, currently pending before the U.S. Court of Appeals for the Tenth Circuit, sitting en banc.… Continue Reading
U.S. Chamber of Commerce Amicus Brief Urges Tenth Circuit to Reject Presumption Against Preemption in Colorado DIDMCA Case
Posted in Preemption, State Regulation
The en banc Tenth Circuit continues to receive substantial support for affirming the district court’s decision in National Association of Industrial Bankers v. Weiser, the closely watched case addressing the scope of the opt-out provision in Section 525 of the Depository Institutions Deregulation and Monetary Control Act’s (“DIDMCA”), which empowers a state to opt out of the interest rate provisions in Section 521 of DIDMCA with respect to “loans made in such State.”… Continue Reading
Twenty-One States File Amicus Brief Supporting Challenge to Colorado’s Effort to Regulate Interest Rates Charged by Out-of-State State Banks
The en banc proceedings in National Association of Industrial Bankers v. Weiser continue to attract significant attention. On June 4, 2026, the attorneys general of Utah and 20 other states filed an amicus brief urging the U.S. Court of Appeals for the Tenth Circuit to affirm the district court’s decision enjoining Colorado’s attempt to utilize its opt out pursuant to Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) as a basis to regulate the interest rates charged to Colorado borrowers by out -of-state state banks.… Continue Reading
FDIC Files Amicus Brief Supporting Challenge to Colorado’s Opt-Out Interest Rate Law
On June 4, 2026, the Federal Deposit Insurance Corporation (FDIC) filed an amicus brief in the en banc proceedings pending before the U.S. Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers v. Weiser, strongly supporting the plaintiffs-appellees’ challenge to Colorado’s attempt to apply its usury laws to loans made by out-of-state, state-chartered banks.… Continue Reading
OCC Files Amicus Brief Supporting Challenge to Colorado’s Opt-Out Law and Defending Longstanding Interest-Rate Exportation Principles
Posted in OCC, State Regulation
On June 4, 2026, the Office of the Comptroller of the Currency (OCC) filed an amicus brief in the en banc proceedings before the U.S. Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers v. Weiser, urging the court to affirm the district court’s preliminary injunction against Colorado’s opt-out statute and reject Colorado’s attempt to apply its interest-rate restrictions to loans made by out-of-state state-chartered banks.… Continue Reading
Banking Trade Groups Urge Tenth Circuit to Reject Colorado’s Attempt to Apply Its Usury Laws to Interstate Loans Made by Out-of-State State Banks
Posted in State Regulation, Usury
On June 4, 2026, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, America’s Credit Unions, and 52 state bankers associations filed a supplemental amicus brief supporting the plaintiffs in the en banc proceeding pending before the U.S. Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers v.… Continue Reading
Plaintiffs Tell Tenth Circuit En Banc Court That Colorado’s Opt-Out Law Cannot Reach Loans Made by Out-of-State State-Chartered Banks
Posted in State Regulation
The plaintiffs-appellees in National Association of Industrial Bankers v. Weiser have filed their supplemental en banc brief in the Tenth Circuit, urging the full court to reject the panel majority’s interpretation of Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) and affirm the district court’s preliminary injunction against Colorado’s opt-out statute.… Continue Reading
Illinois Interchange Fee Litigation Takes important Turn: OCC Rule Leads Court to Enjoin Core IFPA Interchange Fee Restrictions
By Alan S. Kaplinsky & Ronald K. Vaske on
Posted in Credit Cards, Data Security
On June 1, 2026, Chief Judge Virginia Kendall of the U.S. District Court for the Northern District of Illinois issued a major follow-up opinion in Illinois Bankers Association v. Raoul that substantially alters the court’s February 2026 summary judgment decision regarding the Illinois Interchange Fee Prohibition Act (“IFPA”).
The new opinion was issued after the Seventh Circuit vacated the district court’s February ruling and remanded the case for reconsideration in light of the Office of the Comptroller of the Currency’s April 2026 Interim Final Rule and Interim Final Order addressing the IFPA.… Continue Reading