On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more
8/7/2024
/ Cantero v Bank of America NA ,
Consumer Financial Products ,
Dodd-Frank ,
Financial Services Industry ,
Interest Rates ,
Mortgage Escrow Account ,
National Bank Act ,
New Regulations ,
OCC ,
Preemption ,
SCOTUS ,
State Banks
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...more
In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more
6/28/2024
/ Banks ,
Colorado ,
Consumer Financial Products ,
Credit Cards ,
DIDMCA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Truth in Lending Act (TILA)
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’...more
6/20/2024
/ Amicus Briefs ,
Banks ,
Borrowers ,
Colorado ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
Opt-Outs ,
Out-of-State Companies ,
Preliminary Injunctions
On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring...more
6/3/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
National Bank Act ,
Preemption ,
Remand ,
Reversal ,
SCOTUS
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...more
5/10/2024
/ Amicus Briefs ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
Opt-Outs ,
Preliminary Injunctions ,
State Attorneys General
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...more