On behalf of the American Bankers Association (ABA) and the Consumer Bankers Association (CBA), Ballard Spahr has submitted an amicus brief in NAIB et al. v. Weiser et al., the lawsuit challenging Colorado’s opt-out legislation  The amicus brief was filed in support of the plaintiffs’ motion for preliminary injunction.

The law at issue is the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). … Continue Reading

The industry group plaintiffs in NAIB et al. v. Weiser et al., the lawsuit challenging Colorado’s opt-out legislation, have filed their reply to the brief filed by the Colorado Attorney General and Colorado Uniform Consumer Credit Code Administrator in opposition to the plaintiffs’ motion for preliminary injunction.  In their reply, the plaintiffs also respond to the amicus brief filed by the FDIC supporting Colorado’s position.… Continue Reading

As expected, the Colorado Attorney General and Colorado Uniform Consumer Credit Code Administrator filed their responsive brief in opposition to the plaintiffs’ motion for preliminary injunction filed earlier this month in federal district court in Colorado.  As explained in our earlier blog, in NAIB et al. v. Weiser et al.,… Continue Reading

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

I have been thinking about what the banking and consumer financial services industry might do to deter state attorneys general and banking agencies from seeking to enforce statutes or promulgating regulations that run afoul of provisions of the U.S. Constitution, like the Supremacy Clause, Commerce Clause, etc.  My idea might even deter state legislatures from enacting Constitutionally-flawed statutes in the first place. … Continue Reading