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
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Ballard Spahr submits amicus brief on behalf of banking trade groups in Colorado rate exportation litigation
By Alan S. Kaplinsky on
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
Plaintiffs file reply in support of motion for preliminary injunction in Colorado rate exportation litigation
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
Further developments in Colorado rate exportation litigation: Colorado AG files opposition brief and FDIC tries to “opt out” of its own interpretations of DIDMCA Section 525
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
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
Text Messages From Debt Collectors? Not in My Backyard!
By Abigail S. Pressler on
Posted in Debt Collection, Regulatory and Enforcement
Some people just don’t like change. New developments are often opposed by small groups prioritizing their own self-interest over the interests of the community at large. In real estate, these groups are sometimes known as “NIMBYs,” short for their rallying cry: “Not in My Backyard!” Well, it looks like debt collectors may have some NIMBYs of their own.… Continue Reading
California enforcement updates and privacy tools highlight regulatory scrutiny of right to opt out
By Philip N. Yannella on
Posted in Privacy, Regulatory and Enforcement
With a little over a year of enforcing the California Consumer Privacy Act (CCPA) under its belt, the Office of the California Attorney General (OAG) recently held a press conference to announce updates on its CCPA enforcement efforts and promote new tools relating to California consumers’ right to opt out of the sale of their personal information.… Continue Reading