News & Analysis as of

Interest Rates

Cadwalader, Wickersham & Taft LLP

Change is in the Air, June 2026 - Does the Closed-End Fund Waterfall Require an Inflation Version Update?

While landing in line with consensus, this week’s CPI reading in the U.S. reinforces long-term changes in inflation and rates regime. Narratives aside, these changes are significant and lasting enough to challenge the LP-GP...more

DLA Piper

The Dutch Court of Appeal clarifies entitlement of taxpayers to late payment interest in case of VAT repayment claims

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A Dutch company (X) sold goods to private individuals in Belgium over the course of several years (2015 to 2018). Under EU distance sales rules, the place of supply was deemed to be Belgium, meaning Belgian VAT was due....more

White & Case LLP

Stable leveraged loan markets weather Q1 storms

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Despite headwinds related to AI-led disruption and the conflict in Iran, leveraged loan markets in Europe and the US proved resilient in Q1, with high-quality borrowers continuing to access financing throughout the quarter...more

Ballard Spahr LLP

Prominent Consumer Credit Scholars and Center for Individual Freedom File Amicus Brief Supporting Plaintiffs in Colorado Opt-out...

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On June 2, 2026, Professors Todd Zywicki and Thomas Miller, Jr., together with the Center for Individual Freedom, filed an amicus brief in support of the plaintiff trade associations in National Association of Industrial...more

Ballard Spahr LLP

FDIC Files Amicus Brief Supporting Challenge to Colorado’s Opt-Out Interest Rate Law

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On June 4, 2026, the Federal Deposit Insurance Corporation (FDIC) filed an amicus brief in the en banc proceedings pending before the U.S. Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers...more

Ballard Spahr LLP

Twenty-One States File Amicus Brief Supporting Challenge to Colorado’s Effort to Regulate Interest Rates Charged by Out-of-State...

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The en banc proceedings in National Association of Industrial Bankers v. Weiser continue to attract significant attention. On June 4, 2026, the attorneys general of Utah and 20 other states filed an amicus brief urging the...more

Ballard Spahr LLP

U.S. Chamber of Commerce Amicus Brief Urges Tenth Circuit to Reject Presumption Against Preemption in Colorado DIDMCA Case

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The en banc Tenth Circuit continues to receive substantial support for affirming the district court’s decision in National Association of Industrial Bankers v. Weiser, the closely watched case addressing the scope of the...more

Ballard Spahr LLP

OCC Files Amicus Brief Supporting Challenge to Colorado’s Opt-Out Law and Defending Longstanding Interest-Rate Exportation...

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On June 4, 2026, the Office of the Comptroller of the Currency (OCC) filed an amicus brief in the en banc proceedings before the U.S. Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers v....more

Ballard Spahr LLP

Banking Trade Groups Urge Tenth Circuit to Reject Colorado’s Attempt to Apply Its Usury Laws to Interstate Loans Made by...

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On June 4, 2026, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, America’s Credit Unions, and 52 state bankers associations filed a supplemental amicus brief supporting the plaintiffs in...more

Ballard Spahr LLP

Plaintiffs Tell Tenth Circuit En Banc Court That Colorado’s Opt-Out Law Cannot Reach Loans Made by Out-of-State State-Chartered...

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The plaintiffs-appellees in National Association of Industrial Bankers v. Weiser have filed their supplemental en banc brief in the Tenth Circuit, urging the full court to reject the panel majority’s interpretation of Section...more

Womble Bond Dickinson

California Superior Court Finalizes Summary Judgment in Favor of OppFi, Rejecting DFPI’s “True Lender” Theory

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On May 19, 2026, the Superior Court of California, County of Los Angeles, granted summary judgment in favor of Opportunity Financial, LLC ("OppFi") in its dispute with Clothilde Hewlett, in her official capacity as...more

Nelson Mullins Riley & Scarborough LLP

Outdated Assumptions, New Exposure: What Southern Company Means for Defined Benefit Plans

Following a wave of high‑profile settlements involving large defined benefit pension plans, including Raytheon (which settled for around $59 million) and CITGO (which settled for around $10 million), and as they await...more

Cadwalader, Wickersham & Taft LLP

California Court Rejects DFPI Fintech True Lender Challenge

Stemming from a case filed in 2022 against the fintech Opportunity Financial, LLC (“OppFi”), the Central District of California issued a decision on May 19 finding that OppFi’s bank partner, FinWise Bank, was the true lender...more

IR Global

FX weekly forecast: US labour market resilience to lift the US dollar?

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Movement in the currency market remained highly volatile last week amid conflicting signals surrounding a potential US-Iran peace agreement, the uncertainty surrounding which is likely to continue to influence trends this...more

Ballard Spahr LLP

California Court Issues Final Statement of Decision Rejecting DFPI “True Lender” Theory Against OppFi

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In a significant victory for bank-fintech partnership models, the Los Angeles County Superior Court on May 19, 2026 has now issued its final Statement of Decision granting summary judgment in favor of Opportunity Financial,...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 95: Assessing the Impact of a 10% Rate Cap on Credit Cards

AEI’s Paul Kupiec joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to analyze the potential impact of a proposed 10% cap on credit card balances. Kupiec, a highly respected commentator on financial markets, delves...more

Moore & Van Allen PLLC

Managing Margin Compression: Bulge Financing in the Farm Credit System

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Summary: Due to tighter margins, variable profitability and reduced cash flow, many agricultural borrowers are seeking incremental credit expansions from Farm Credit lenders on their existing facilities, and we expect that...more

Cadwalader, Wickersham & Taft LLP

Optimizing Fund Finance with Umbrella and Master Facilities, May 2026 - Does a Steeper Yield Curve Matter for Fund Finance?

Higher long-term interest rates complicate the sponsor value creation model by limiting the value that can be extracted from investment capital structuring due to higher term financing costs, undermining a buy-and-hold...more

White & Case LLP

US high yield holds firm as Europe and Asia falter amid geopolitical shocks

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AI-driven demand and lower exposure to software shield US high yield markets from macro challenges, but activity dips in Europe and Asia - US high yield bond markets proved resilient to macroeconomic disruption in the...more

White & Case LLP

Lenders turn to back-leverage to boost returns

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Total return swaps and loan-to-loan facilities offer a way for lenders to bolster performance as loan margins narrow - As interest rates have declined and loan margins tightened, some private credit lenders have...more

Orrick, Herrington & Sutcliffe LLP

Fed releases its semiannual Financial Stability Report

On May 8, the Fed published its semiannual Financial Stability Report, which assesses vulnerabilities in the U.S. financial system using data through April 23. Among key findings, the report states that: (i) asset valuation...more

Orrick, Herrington & Sutcliffe LLP

CFTC proposes amendments to Canadian dollar and Mexican peso swap clearing requirements

On May 8, the CFTC issued a proposed rule (which was published in the Federal Register on May 12) to modify its swap clearing requirement for interest rate swaps denominated in Canadian dollars and Mexican pesos to reflect...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

SCOTUS Sides With Pension Fund in Withdrawal Liability Calculation Dispute

On May 21, 2026, the Supreme Court of the United States, resolving a circuit court split, ruled in favor of a multiemployer pension fund, finding that plan actuaries calculating withdrawal liability can apply actuarial...more

Ballard Spahr LLP

Warsh to be sworn in as Fed Chair on May 22

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Kevin Warsh will be sworn in as the new Chairman of the Federal Reserve Board on May 22. He replaces Jerome Powell. Warsh was confirmed on a 55-45 roll call vote on May 13. All Republicans and one Democrat, Sen. John...more

Hudson Cook, LLP

State Watch: Consumer Protection Enforcement Update - May 2026

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State credit regulators take center stage this month: the Illinois Department of Financial and Professional Regulation, the Massachusetts Division of Banks, the New Hampshire Banking Department, and the South Carolina...more

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