Burt M. Rublin

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Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court enjoined the Colorado Attorney General and UCCC Administrator from applying to out-of-state, state banks making loans to Colorado residents its (1) recently enacted statute opting out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (the “DIDMCA”) (conferring on state-chartered, FDIC-insured banks the same right to export interest rates as Section 85 of the National Bank Act) pursuant to Section 525 of the DIDMCA and (2) Colorado’s usury laws.… Continue Reading

We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado Attorney General and UCCC Administrator from enforcing the new Colorado opt-out statute against out-of-state, state banks who made loans from out-of-state to Colorado residents.… Continue Reading

Congress must adjust to the demise of the Chevron Deference doctrine by drastically improving its regulatory expertise, witnesses told a House Committee on July 23.

“Congress must reclaim its lawmaking and rule-writing authority from the executive branch by marshaling appropriate resources and full-time personnel to perform regulatory oversight, including cost-benefit analysis and disclosures often neglected by the executive branch, sometimes in violation of law,” Clyde Wayne Crews Jr.,… Continue Reading

We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary injunction, and brief in support of its motion. (The filings were previously stricken due to the district court’s lack of jurisdiction.).… Continue Reading

We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary injunction to the plaintiffs – trade groups precluding the defendants from enforcing Colorado’s opt-out statute (which became effective on July 1) and usury laws as to out-of-state, state banks making loans outside Colorado to Colorado residents.… Continue Reading

Here is an update on the lawsuit filed by three trade associations against the Colorado Attorney General and UCCC Administrator challenging the application of the Colorado opt-out statute to out-of-state, state chartered, FDIC-insured banks.

On June 18, 2024, Judge Domenico from the U.S. District Court for Colorado issued a preliminary injunction enjoining the Colorado Attorney General and UCCC Administrator from enforcing the Colorado statute opting out of Section 521 of DIDMCA against members of the plaintiff trade associations who make loans from outside Colorado to Colorado residents.… Continue Reading

The U.S. Supreme Court on Friday overturned the long-standing Chevron Deference Doctrine, saying that judges—not federal agencies—should interpret federal laws.

In a 6-3 decision in two marine fishery cases, the court drastically shifted the balance of power in the federal government, saying that the Administrative Procedure Act (APA) gives judges the power, not agencies, to interpret statutes.… Continue Reading

On April 22, 2024 (almost 2 months before Judge Daniel Domenico issued a preliminary injunction against the UCCC Administrator and Colorado Attorney General), Administrator Martha Fulford issued an Interpretive Opinion Letter regarding the Colorado opt-out law (to be codified on its effective date of July 1, 2024 as C.R.S. Section 5-13-106) (the “Colorado Opt-out Law”).… Continue Reading

The Colorado federal district court hearing NAIB, et al v. Weiser, et al., the lawsuit filed by three consumer financial services industry trade groups challenging Colorado’s opt-out legislation, has granted the plaintiffs’ motion for preliminary injunction.  As interpreted by the defendant State officials, Colo. Rev. Stat. § 5-13-106 (Opt-out Law), ), which is due to take effect on July 1, purports to apply Colorado’s interest rate and fee limits to interstate loans made by federally insured out-of-state state-chartered banks to Colorado borrowers. … Continue Reading

On May 16, the U.S. District Court for the District of Colorado held a hearing in NAIB, et al v. Weiser, et al. on a motion filed by three financial services industry trade groups to preliminarily enjoin Colorado from enforcing Colo. Rev. Stat. § 5-13-106 (the “Opt-Out Legislation”) to the extent it purports to apply Colorado’s interest rate and fee limitations to loans made by federally insured out-of-state state-chartered banks to Colorado borrowers.… Continue Reading