CFPB Monitor

APRIL 19, 2023

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 through the Colorado legislature.

Colorado 78

Colorado FDIC National 78

PYMNTS

OCTOBER 25, 2019

The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ). Colorado’s bill does have support from some lawmakers.

Colorado 102

Colorado Regulation Innovation Wyoming 102

CFPB Monitor

SEPTEMBER 12, 2019

The OCC and FDIC have filed a joint amicus brief in a Colorado federal district court arguing that the court should affirm the decision of a bankruptcy court holding that a non-bank loan assignee could charge the same interest rate the bank assignor could charge under Section 27(a) of the Federal Deposit Insurance Act, 12 U.S.C.

Colorado 60

Colorado FDIC Wisconsin National 60

CFPB Monitor

JUNE 12, 2020

A Colorado state district court has ruled that a non-bank assignee of loans made by a state bank cannot charge the same interest rate that the state bank assignor can charge under Section 27(a) of the Federal Deposit Insurance Act (12 U.S.C. The ruling in Martha Fulford, Administrator, Uniform Consumer Credit Code v.

Colorado 78

Colorado FDIC Analysis National 78

CFPB Monitor

SEPTEMBER 10, 2020

Because CCBank is a state-chartered FDIC-insured bank located in Utah, Section 27(a) of the Federal Deposit Insurance Act authorizes CCBank to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless of any California law imposing a lower interest rate limit.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

MARCH 15, 2022

A California federal district court judge recently rejected the California AG’s challenge (in which other states joined) to the FDIC’s rule and, in a separate lawsuit, also rejected a challenge by the California AG and other state AGs to the OCC’s Madden -fix rule codified at 12 C.F.R. Section 7.4001(e).

California 78

California Innovation Utah West Virginia 78

Independent Banker

JUNE 30, 2022

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. American Bank, National Association. Classic Bank, National Association. The First National Bank In Sioux Falls. Dakota Community Bank & Trust, National Association. The Miners National Bank of Eveleth. By Ed Avis.

Community Bank 172

Community Bank Community National Philadelphia 172