The Attorneys General of California, Illinois, and New York have filed their opposition to the OCC’s cross-motion for summary judgment in their lawsuit to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.  In their filing, the AGs also reply to the

The Chief Counsel of the Office of the Comptroller of the Currency has issued Interpretive Letter 1173, addressing national bank and federal savings association preemption of state law under the Dodd-Frank Act.

The Interpretive Letter clarifies that the special Dodd-Frank preemption requirements for “preemption determinations” are limited as follows:

  • “Preemption determinations” are confined to

The parties in Petersen v. Chase Card Funding, LLC and Cohen v. Capital One Funding, LLC, have filed Stipulations agreeing to the withdrawal with prejudice of the plaintiffs’ appeals to the Second Circuit from the district courts’ decisions holding that the National Bank Act (NBA) preempts their claims that the interest charged on credit

A Maine federal district court ruled that that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act and granted the motion for judgment filed by the plaintiff, the Consumer Data Industry Association (CDIA).

One of the amendments prohibited a consumer reporting agency (CRA) from reporting medical debt

In Cohen v. Capital One Funding, LLC, the federal district court for the Eastern District of New York  joined the federal district court for the Western District of New York in Petersen v. Chase Card Funding, LLC in holding that the National Bank Act (NBA) preempts claims that the interest charged on credit card

A New York federal district court in Petersen v. Chase Card Funding, LLC held that the National Bank Act (NBA) preempted the plaintiff’s claims that the interest charged on his credit card account violated New York usury law.

The named plaintiff was the holder of a credit card issued by JPMorgan Chase Bank, N.A. (JPMCB). 

The U.S. Court of Appeals for the Third Circuit ruled last week in Commonwealth of Pennsylvania v. Navient Corp. that the PA Attorney General could bring a parallel enforcement action against Navient, a servicer of federal student loans, under the Consumer Financial Protection Act (CFPA) even though the CFPB had previously filed a lawsuit against

Briefing is now complete on the petitions for certiorari in the Blair v. Rent-A-Center appeals that could produce the next blockbuster U.S. Supreme Court arbitration decision. At issue is whether the Federal Arbitration Act (FAA) preempts California’s McGill Rule. Under the McGill Rule, an arbitration agreement that precludes a consumer from pursuing claims for “public”

After denying the defendants’ petitions for panel and en banc rehearing in the Blair v. Rent-a-Center appeals, the Ninth Circuit has granted their motions to stay the issuance of the Court’s mandates for 90 days pending the filing of petitions for certiorari with the U.S. Supreme Court. If petitions for certiorari are filed, the stays

A bipartisan coalition of 30 state attorneys general led by New York AG Eric Schneiderman and Colorado AG Cynthia Coffman have sent a letter to members of Congress urging them to reject a proposed amendment to the Higher Education Act (HEA) that would preempt state law requirements for servicers of federal student loans.

The letter