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Trade Groups Call on FDIC to Withdraw Brokered Deposit NPRM

A group of 11 financial services associations is calling on the FDIC to withdraw its notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered...more

Consumer Finance Monitor Podcast Episode: Why do Fintechs Want to Become Banks? [Video]

A great number of fintechs are contemplating owning a bank or obtaining a banking charter—either a national bank charter, a state bank charter or a special purpose charter. In this episode, we are joined by our special guest...more

Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigation

Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court...more

Tenth Circuit sets briefing schedule in appeal from preliminary injunction granted to trade groups with respect to Colorado...

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

Magistrate Judge stays further proceedings pending resolution of 10th Circuit appeal in Colorado litigation challenging Colorado...

We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more

Colorado seeks stays of District Court proceedings and preliminary injunction

We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more

New Florida Law Prohibits Banks from Considering Customers’ Political, Religious Beliefs

A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more

CFPB Issues Semi-Annual Regulatory Agenda; Registry of Supervised Non-Banks to Be Finalized This Month

The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for...more

Bank-Fintech partnership to be scrutinized again

The Financial Institutions and Monetary Policy Subcommittee of the House Financial Services Committee will hold a field hearing in Lexington KY on this coming Friday, July 12 at 10 am, ET to discuss “Financial...more

By Passing Buck to Second Circuit, Supreme Court Leaves National Bank Preemption in Limbo

On this coming Thursday, July 11, from Noon until 1 pm, ET, we will be holding a Webinar Roundtable about the Supreme Court’s recent opinion on May 30, in which a unanimous Supreme Court reversed and remanded the Cantero v....more

Plaintiffs file amended complaint in Colorado opt-out litigation

Here is an update on the lawsuit filed by three trade associations against the Colorado Attorney General and UCCC Administrator challenging the application of the Colorado opt-out statute to out-of-state, state chartered,...more

Colorado provides some (but not enough) guidance on new general-purpose credit card carve-out

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

Colorado UCCC Administrator issues interpretive opinion letter regarding Colorado opt-out law

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

Colorado federal court issues preliminary injunction prohibiting Colorado from enforcing DIDMCA opt-out to loans made to Colorado...

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

Director Rohit Chopra continues to dismiss arguments that the CFPB is unlawfully funded out of losses of Federal Reserve Banks

On June 13, 2024, CFPB Director Rohit Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” As we expected, the House Financial...more

A reply to Professor Sovern’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more

Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

Oh, won’t you stay (enforcement): Plaintiffs seek preliminary injunction in Colorado interest rate preemption opt-out challenge

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

A fresh idea for the consumer financial services industry

I have been thinking about what the banking and consumer financial services industry might do to deter state attorneys general and banking agencies from seeking to enforce statutes or promulgating regulations that run afoul...more

Important National Bank Act (NBA) preemption case to be argued Today, February 27, before US Supreme Court

The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more

SCOTUS to hear oral argument on Feb. 27 in National Bank Act preemption case

On February 27, 2024, the U.S. Supreme Court will hear oral argument in Cantero v. Bank of America, N.A., a case involving the scope of preemption under the National Bank Act (NBA). The question before the Court is whether...more

Consumer Finance Monitor Podcast Episode: What is FedNow and its Role in the U.S. Payments System? [Video]

Our special guest is Professor Dan Awrey of Cornell Law School. In July 2023, the Federal Reserve launched FedNow, its instant payments system. After reviewing what FedNow is (and is not), we discuss FedNow’s design features...more

FDIC launches new tool for examination planning

The Federal Deposit Insurance Corporation has announced that it is launching a new Banker Engagement Site (BES) this month through FDICconnect to serve as the primary tool for exchanging examination planning and other...more

CFPB files opposition to preliminary injunction motion of plaintiffs in Kentucky lawsuit challenging CFPB’s small business lending...

The CFPB has filed its opposition to the motion for a preliminary injunction filed by the plaintiffs in the Kentucky federal court lawsuit challenging the CFPB’s final small business lending rule (Rule)....more

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