CFPB, Federal Agencies, State Agencies, and Attorneys General
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
In a recent unpublished memorandum opinion in a putative class action, Carpenter et al. v. Opportunity Financial, LLC, the U.S. Court of Appeals for the Ninth Circuit upheld an arbitration clause in an agreement governing loans serviced by fintech Opportunity Financial, LLC (“OppFi”). After a de novo review of a California U.S.… 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
Last week, we blogged about arguments by Colorado and the FDIC in their briefs opposing a motion for preliminary injunction that would enjoin application of Colorado’s opt-out statute with respect to loans by FDIC-insured state banks located outside of Colorado. We promised to blog again this week with a more detailed discussion of why their arguments are off base.… 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
As we previously reported, on March 25, 2024, three consumer financial services industry trade groups filed a lawsuit in federal district court in Colorado challenging legislation recently adopted to opt out of rate exportation rights afforded to state banks under federal law. National Association of Industrial Bankers et al. v.… Continue Reading
On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that allows FDIC-insured state-chartered banks to “export” interest rates on interstate loans to the same extent as their national bank counterparts. … Continue Reading
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
District of Columbia Council Bill B 25-0609, which would opt out of Section 27 of the Federal Deposit Insurance Act (“FDIA”) with respect to loans made in the District of Columbia, was introduced in the District of Columbia Council on November 30, 2023, and referred to the Council’s Committee on Business and Economic Development on December 5, 2023.… Continue Reading
