News & Analysis as of

Opt-Outs DIDMCA

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

Plaintiffs file amended complaint in Colorado opt-out litigation

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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

Orrick, Herrington & Sutcliffe LLP

Colorado’s DIDMCA opt-out blocked by preliminary injunction

On June 18, U.S. District Court of the District of Colorado granted a motion for preliminary injunction filed by several financial services trade associations, enjoining Colorado from enforcing Colo. Rev. Stat. § 5-13-106...more

McGlinchey Stafford

Colorado DIDMCA Opt-Out Litigation: District Court Enjoins the Colorado Attorney General and Administrator of the Colorado Uniform...

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On June 18, 2024, in NAIB, et al v. Weiser, et al., the United States District Court for the District of Colorado granted the motion for preliminary injunction filed by plaintiffs, the National Association of Industrial...more

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

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

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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

Husch Blackwell LLP

Colorado's DIDMCA Opt Opt Paused for Bank Loans Made Out of State

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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

Troutman Pepper

Colorado Federal Court Enjoins State Enforcement of DIDMCA Opt-Out Legislation Against Out-Of-State Lenders

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On June 18, a Colorado federal court granted the plaintiff trade groups’ motion for a preliminary injunction, effectively halting the enforcement of Colorado’s H.B. 1229 with respect to loans made by out-of-state...more

Ballard Spahr LLP

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

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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

Stinson LLP

States Expand Regulation of Consumer Lending: Codification of "True Lender" and Opt-out of DIDMCA's Interest Rate Exportation

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Consumer lenders face a rapidly changing legal landscape. States are increasingly targeting the activities of non-bank third parties in the consumer loan process and interest rate exportation by state-chartered banks. In the...more

Ballard Spahr LLP

Preliminary Injunction Hearing in Federal Court on Colorado DIDMCA Opt-Out Challenge

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On May 16, the U.S. District Court for the District of Colorado held a hearing in NAIB, et al v. Weiser, et al. on a motion filed by three financial services industry trade groups to preliminarily enjoin Colorado from...more

Ballard Spahr LLP

Plaintiffs file reply in support of motion for preliminary injunction in Colorado rate exportation litigation

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The industry group plaintiffs in NAIB et al. v. Weiser et al., the lawsuit challenging Colorado’s opt-out legislation, have filed their reply to the brief filed by the Colorado Attorney General and Colorado Uniform Consumer...more

Orrick, Herrington & Sutcliffe LLP

FDIC submits amicus brief in Colorado DIDMCA opt-out case

On April 23, the FDIC submitted an amicus brief to the U.S. District Court for the District of Colorado in support of the defendant: the Colorado attorney general. This case involved Colorado HB 23-1229 (the “Act”), which was...more

Ballard Spahr LLP

Colorado rate exportation litigation: Why Colorado and the FDIC are wrong about where a loan is made for purposes of DIDMCA...

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Last week, we blogged about arguments by Colorado and the FDIC in their briefs opposing a motion for preliminary injunction that would enjoin application of Colorado’s opt-out statute with respect to loans by FDIC-insured...more

Ballard Spahr LLP

Further developments in Colorado rate exportation litigation: Colorado AG files opposition brief and FDIC tries to “opt out” of...

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As expected, the Colorado Attorney General and Colorado Uniform Consumer Credit Code Administrator filed their responsive brief in opposition to the plaintiffs’ motion for preliminary injunction filed earlier this month in...more

McGlinchey Stafford

Colorado’s DIDMCA Opt-Out Challenged by Trade Associations in Federal Court

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On March 26, 2024, the National Association of Industrial Bankers (NAIB), American Financial Services Association (AFSA), and American Fintech Council (AFC) (collectively, “Trade Associations”) filed a complaint in the United...more

Ballard Spahr LLP

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

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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

McGlinchey Stafford

Minnesota, Nevada, and Rhode Island Propose DIDMCA Opt-Outs

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Minnesota, Nevada, and Rhode Island are the most recent additions to the list of jurisdictions that have proposed legislation to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections...more

Sheppard Mullin Richter & Hampton LLP

Lenders Sue to Block Colorado’s Interest Rate ‘Opt-Out’ Law

On March 25, a coalition of trade groups filed suit in the United States District Court for the District of Colorado, challenging a Colorado law which would have opted the state Section 521 of the Depository Institutions...more

Troutman Pepper

Trade Organizations Challenge Colorado’s DIDMCA Opt-Out Legislation in Federal Court

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Monday, three trade organizations filed a complaint in Colorado federal court challenging H.B. 1229, Colorado’s effort to limit interest charges by out-of-state financial institutions, which is set to take effect on July 1,...more

Ballard Spahr LLP

Colorado interest rate preemption opt-out challenged in federal court

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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

Lewis Roca

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

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In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Husch Blackwell LLP

Minnesota Proposes Opt-Out to Federal Interest Rate Preemption under DIDMCA

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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

Troutman Pepper

Rhode Island and Minnesota Latest States with Bills Opting Out of Federal Banking Law Allowing Interest Rate Exportation

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On February 12, ten Rhode Island senators introduced S 2275, a bill proposing to opt Rhode Island out of §§ 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). On February 13, HF 3680 was...more

McGlinchey Stafford

Welcome to 2024: DIDMCA Opt-Out and True Lender Legislative Proposals to Watch

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The new year brings with it four new jurisdictions to watch regarding proposed true lender legislation and Depository Institutions Deregulation and Monetary Control Act (DIDMCA) opt-outs. The District of Columbia, Florida,...more

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