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
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)
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...more
Maryland has joined the ranks of states considering legislation that would codify elements of “true lender” theory in an effort to impose federally preempted state licensing requirements and rate caps on loans to Maryland...more
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
As we reported, Acting Comptroller of the Currency Brian Brooks has previewed the OCC’s plans to introduce another special purpose national bank charter that would give payment companies a nationwide servicing platform and...more
8/5/2020
/ Bank Holding Company Act ,
Banking Sector ,
Federal Bank Regulatory Agencies ,
Federal v State Law Application ,
Financial Services Industry ,
FinTech ,
Money Transmitter ,
National Bank Charters ,
OCC ,
Preemption ,
Special Purpose National Bank Charter
In recent interviews including a podcast with the ABA Banking Journal reported by Forbes, Acting Comptroller of the Currency Brian Brooks previewed the OCC’s plans to introduce another special purpose national bank charter...more