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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

Consumer Finance Monitor Podcast Episode: Interest Rate Exportation Under Attack Part II [Video]

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

Consumer Finance Monitor Podcast Episode: Interest Rate Exportation Under Attack Part I [Video]

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

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

Colorado rate exportation litigation: Motion to dismiss complaint claims there is no claim there

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

FDIC final Signage and False Advertising Rule will be effective April 1, 2024, with an extended full compliance date of January 1,...

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

Colorado interest rate preemption opt-out challenged in federal court

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

Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for... [Video]

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

Opt-Out Deja Vu? Pending Colorado legislation would opt out of federal law allowing interest rate exportation by state banks

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

4/19/2023  /  Banking Sector , Banks , FDIC , Interest Rates

FDIC Keeps Up the Pressure on Misleading Representations about Deposit Insurance

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

FDIC extends comment period for proposed signage and advertising rule

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

Bank trade groups seek more time to comment on FDIC proposed signage and advertising rule

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

Proposed rule continues FDIC focus on use and misuse of FDIC name and logo; CFPB Director Chopra applauds

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

Use of the FDIC Name and Logo: Proceed With Caution [Video]

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

California Federal District Court Upholds OCC and FDIC ‘Madden-fix’ Rules

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

FDIC Proposed Rule and Information Requests Target False Advertising, Use, and Misuse of FDIC Name and Logo

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

FDIC Proposed Rule and Information Requests Target False Advertising, Use and Misuse of FDIC Name and Logo

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

Rakuten files third application for FDIC insurance

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

Hundreds comment on OCC proposed “true lender” rule

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

Colorado Settlement Provides a Possible Path Forward for Certain Bank-Fintech Online Lending Partnerships

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

Federal court rejects Madden and finds loan valid when made per OCC final rule, but remands case to allow discovery on true lender...

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

Varo Is First FinTech to Receive Full-Service Charter from the OCC

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

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