The financial services industry has (finally) received some good news. Last week, a federal court granted a preliminary injunction to stop Colorado from enforcing interest and certain fee limitations under the Colorado...more
6/25/2024
/ Banks ,
Borrowers ,
Colorado ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Out-of-State Companies ,
Preliminary Injunctions ,
Trade Associations
In a unanimous decision, the U.S. Supreme Court rejected a more bright-line standard for determining whether the National Bank Act (NBA) preempts a state law. Rather, the Supreme Court explained that the NBA preemption...more
On February 13, 2024, the Minnesota legislature introduced H.F. 3680, a bill that proposes to opt out of federal interest rate preemption by federally insured state-chartered banks or credit unions making consumer loans in...more
On March 27, Colorado legislators introduced a bill (H.B. 1229) to opt out of federal banking laws that permit federally insured state chartered banks and credit unions to charge Colorado residents the “interest” permitted...more
On March 7, 2022, a fintech filed a lawsuit in California state court asking the court to declare that an interest rate limit under the California Financing Law (CFL) does not apply to the short-term consumer loans made by an...more