Ronald K. Vaske

Subscribe to Ronald K. Vaske's Posts
Contact:Read more about Ronald K. Vaske

On August 15, 2024, the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union League filed a complaint for declaratory and injunctive relief against the Illinois Attorney General challenging the enactment of the Interchange Fee Prohibition Act (the “IFPA”). The 74 page complaint seeks a declaratory judgment that the IFPA is preempted by federal laws, unconstitutional, and invalid as applied to any participant in the payment system, and to permanently enjoin the state from taking any investigatory or enforcement actions under the IFPA.… Continue Reading

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

On July 29, 2024, the CFPB filed a motion to dismiss the Fort Worth Chamber of Commerce as a Plaintiff for lack of standing and if granted, transfer the case to a the Federal District Court for D.C. In its brief, the CFPB argues that the Fort Worth Chamber of Commerce cannot satisfy the test for associational standing and once Fort Worth Chamber of Commerce is dismissed, the remaining plaintiffs cannot establish that venue is proper in the Fort Worth Division of the Northern District of Texas.… Continue Reading

The federal banking regulators are seeking comment to better understand the relationship between financial institutions and third parties that work for them.

The OCC, Federal Reserve and FDIC “seek public comment to build on their understanding of these arrangements, including with respect to roles, risks, costs, and revenue allocation,” the agencies said.… Continue Reading

Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management practices to manage such potential risks.

The joint statement does not establish new expectations for financial institutions, the regulators said.… 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

On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”

These were his first public remarks about the Supreme Court’s recent opinion in Cantero v. Bank of America. In that case, the Court reversed a Second Circuit opinion which had held that because of preemption a national bank need not comply with a New York law which requires the payment of 2% interest on residential mortgage escrow accounts.… Continue Reading