Colorado’s attempt to opt out of interest rate exportation by out-of-state, state-chartered banks ultimately will fail, and will cause irreparable harm in the interim: therefore, enforcement of the opt out should be preliminarily enjoined, according to the plaintiffs’ Motion for Preliminary Injunction (the “Motion”) filed April 2, 2024 in federal district court in Colorado in NAIB et al.Continue Reading

Yesterday, the Texas federal district court entered an order reopening the case challenging the CFPB’s final credit card late fee rule (Rule) which it had transferred to the U.S. District Court for the District of Columbia and providing notice to the D.C. court that “the transfer was without jurisdiction and should be disregarded.”… Continue Reading

Last Friday, a divided panel of the U.S. Court of Appeals for the Fifth Circuit vacated the district court’s order transferring the case challenging the CFPB’s final credit card late fee rule (Rule) to the U.S. District Court for the District of Columbia.  The Fifth Circuit also issued a writ of mandamus directing the district court “to reopen the case and give notice to D.D.C.… Continue Reading

The U.S. Court of Appeals has extended until 5 p.m. CT tomorrow its administrative stay of the district court’s order transferring the case to the U.S. District Court for the District of Columbia.  This is the Fifth Circuit’s second extension of its stay order, with the first extension having expired at 5 p.m.… Continue Reading

Last week ended with an intense flurry of activity in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule).  The flurry followed the plaintiffs’ March 25 filing of a Notice of Appeal after the district court denied their motion for expedited consideration of their preliminary injunction motion.  In their Notice of Appeal, the plaintiffs assert that the denial of their motion for expedited consideration effectively denied their request for meaningful preliminary injunctive relief.… Continue Reading

The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising statements as well as misrepresentations of insured status and misuse of the FDIC’s name or logo, will take effect April 1, 2024, with full compliance required by January 1, 2025.… Continue Reading

On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in the Fifth Circuit. Plaintiffs, who noticed their interlocutory appeal of the federal district court’s “effective denial” of their motion for a preliminary injunction on Tuesday, asked the appeals court to allow the appeal to continue even though the district court has scheduled an April 2, 2024 hearing on their motion for a preliminary injunction.… Continue Reading

The Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued an order today setting April 2 as the date for a hearing on the plaintiffs’ motion for a preliminary injunction.  Yesterday, the plaintiffs filed a notice that they are appealing to the Fifth Circuit the Texas federal district court’s “effective denial” of their motion for a preliminary injunction. … Continue Reading

On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that allows FDIC-insured state-chartered banks to “export” interest rates on interstate loans to the same extent as their national bank counterparts. … Continue Reading

On March 20, 2024, the court forcefully denied the motion for expedited consideration of plaintiff’s preliminary injunction motion in the lawsuit challenging the Consumer Financial Bureau’s (“CFPB”) final credit card late fee rule. Plaintiffs, including the U.S. Chamber of Commerce, American Bankers Association, and Consumer Bankers Association, had filed the motion just the day before, asking the court to address their request for injunctive relief before determining the venue issue the judge in the case had raised sua sponte on March 18.… Continue Reading