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
interest rate
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
Senator Warren Presses CFPB Acting Director Over Credit Card Fees and Agency Retrenchment
By Alan S. Kaplinsky & Ronald K. Vaske on
Posted in CFPB, Credit Cards
Senator Elizabeth Warren has sent a sharply worded letter to CFPB Acting Director Russell Vought that crystallizes an unusual moment in consumer financial services regulation: a populist-sounding call from President Trump to cap credit card interest rates at 10 percent, paired with what Warren characterizes as a deliberate dismantling of the very agency that would be central to implementing any such reform.… Continue Reading
This week’s podcast episode: Have State-Chartered, FDIC-Insured Banks Finally Achieved Interstate Usury Parity with National Banks?
By Mindy Harris on
In today’s podcast, which repurposes a recent webinar, we examine the impact, if any, of a landmark opinion rendered by Judge Daniel Domenico of the Federal District Court for the District of Colorado in a case challenging recently enacted Colorado legislation on interstate loans made from outside Colorado to Colorado residents.… Continue Reading
This week’s podcast episode: Interest Rate Exportation Under Attack – Part II
By Mindy Harris on
Posted in FDIC
The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is located to borrowers located elsewhere. Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”) conferred equivalent rate exportation powers on state-chartered, FDIC-insured banks.… Continue Reading
CFPB Issues RFI on Mortgage Closing Costs
By Loran Kilson & Richard J. Andreano, Jr. on
The Consumer Financial Protection Bureau (CFPB), recently issued a Request for Information (RFI) related to fees charged by providers of mortgages and related settlement services. In his statement, Director Chopra discussed the impact of the increasing costs on lenders and consumers, and stated that the CFPB plans to address those costs.… Continue Reading
CFPB Expected to Scrutinize Credit Card Rewards and Buy-Now-Pay Later Programs
By Ballard CFS Group on
Consumer Financial Protection Bureau (“CFPB”) Director Rohit Chopra shared his insights at Consumer Bankers Association Live industry conference in Washington D.C. Reuters reported that Chopra told sideline reporters, “We are going to be looking into the credit card rewards market due to an increase in consumer complaints. What the marketing gurus and consultants are telling credit card issuers is that they should focus consumers’ attention on splashy rewards, but then withhold information from them when they’re paying lots of interest and could switch to a lower-rate card, even within the same bank.”… Continue Reading
More States Mull Interest Rate Preemption and “Anti-Evasion” Legislation
Rhode Island, Minnesota, and Nevada have joined the list of jurisdictions considering proposals to legislatively opt out of federal interest rate preemption established under the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). Although the legal effect remains unclear, the apparent objective of these proposed laws is to prevent interest rate “exportation” by state-chartered financial institutions.… Continue Reading
CBA “checks the math” on recent CFPB credit card report finding large bank issuers charge higher interest rates than smaller issuers
After targeting credit card late fees in its proposed rule, the CFPB has set its sights on further attacking credit card pricing through interest rates. The CFPB published a blog late last month stating that credit card interest rate margins are at an all-time high, with an average 14.3% margin in 2023 compared to 9.6% margin in 2013, and have fueled the profitability of revolving balances.… Continue Reading