We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more
8/9/2024
/ Banks ,
Borrowers ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Loans ,
National Bank Act ,
Opt-Outs ,
Preliminary Injunctions
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
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
On April 22, 2024 (almost 2 months before Judge Daniel Domenico issued a preliminary injunction against the UCCC Administrator and Colorado Attorney General), Administrator Martha Fulford issued an Interpretive Opinion Letter...more
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
Last month, just a few days before the preliminary injunction hearing, Colorado’s attorney general filed a Motion to Dismiss the Complaint filed in federal district court in Colorado by three financial services industry trade...more
The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising...more
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...more
3/27/2024
/ Charter ,
Consumer Financial Products ,
Credit Unions ,
DIDMCA ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Opt-Outs ,
Preemption ,
Uniform Commercial Code (UCC)
Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more
12/21/2023
/ Banking Sector ,
Certiorari ,
Chevron Deference ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS ,
State Banks ,
True Lender
Legislation to opt out of a 43-year-old federal law allowing FDIC-insured state banks to “export” interest on interstate loans to the same extent as their national bank counterparts is quietly, but swiftly, working its way...more
Earlier this month, the Federal Deposit Insurance Corporation (FDIC) issued cease-and-desist letters to a cryptocurrency exchange and a fintech, demanding that each of these entities immediately stop making false and...more
The FDIC has announced that it is extending by 45 days the comment period for proposed changes to its signage and advertising rule. Several banking trade groups sent a letter to the FDIC requesting the 45-day extension....more
In a letter sent earlier this month, the Bank Policy Institute, the American Bankers Association and the Independent Community Bankers of America (the “trade groups”) have asked the FDIC for more time to comment on the...more
On December 13, 2022, the FDIC issued a request for comment on a proposal to modernize the regulations governing use of the FDIC’s official signage and advertising of FDIC-insured status by insured depository institutions...more
We discuss the FDIC’s final rule on misuse of the FDIC name or logo, advisory to insured banks on deposit insurance and dealings with crypto companies, and cease and desist letters to five crypto companies alleging they made...more
A California federal district court judge rejected challenges to the OCC’s and FDIC’s Madden-fix rules brought in two separate lawsuits by state attorneys general. The OCC rule is codified at 12 C.F.R. Section 7.4001(e) and...more
The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the...more
The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the...more
On January 15, 2021, just weeks after the FDIC issued its final rule (the Rule) establishing requirements the parent entity of an industrial bank or industrial loan company (collectively, ILC) must meet for the ILC to have...more
We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as...more
10/13/2020
/ Banking Sector ,
Bright-Line Rule ,
Dodd-Frank ,
FDIC ,
Federal Savings Associations ,
Financial Services Industry ,
FinTech ,
OCC ,
Proposed Rules ,
Rulemaking Process ,
True Lender ,
Usury ,
Valid When Made Doctrine
We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. These lawsuits challenged on Madden and...more
In an order issued August 12, 2020, the United States District Court for the District of Colorado relied on the OCC’s “Madden fix” rule to hold that, under Section 27 of the Federal Deposit Insurance Act, 12 U.S.C. § 1831d, a...more
On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a...more