article thumbnail

Colorado opt-out signed into law, effects to be seen

CFPB Monitor

As anticipated, on June 5, 2023, Colorado Governor Jared Polis signed into law Colorado HB23-1229 , which will exclude consumer loans made in Colorado from the provisions of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) (codified at 12 U.S.C. Continue Reading

article thumbnail

Curiouser and Curiouser – Colorado Opt-Out Legislation, As Amended, Moves Forward, With a Carve-Out for Certain General Purpose Credit Cards

CFPB Monitor

A Colorado bill (HB23-1229) that would opt out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) (codified at 12 U.S.C.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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

CFPB Monitor

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. Continue Reading

article thumbnail

Bitcoin Daily: US Regulators Join Global Financial Innovation Network; Colorado Explores Crypto Banking For Cannabis Firms

PYMNTS

financial regulators represent the interests and needs of the nation and its financial services stakeholders,” according to a statement. Colorado’s bill does have support from some lawmakers. “My Participation in international organizations such as this helps U.S. Jack Tate told CoinDesk.

Colorado 102
article thumbnail

Wells Fargo To Settle Navajo Nation Lawsuit For $6.5M

PYMNTS

The Navajo Nation announced that it has settled its lawsuit against Wells Fargo & Co for $6.5 The Navajo Nation sued Wells Fargo in federal and tribal courts in 2017, claiming it targeted tribal members with “predatory sales tactics.” shareholder derivative lawsuit.

National 108
article thumbnail

Cannabis Firm Caliva Eyes National Growth With Jay-Z Partnership

PYMNTS

In a move that is said to help the company grow across the nation, California cannabis firm Caliva has teamed up with Jay-Z. In separate news, legal pot is starting to pull its weight in retail: Colorado has recently hit a milestone, with total cannabis-related revenue rising above $1 billion. (It

National 134
article thumbnail

Colorado state court rules federal interest rate preemption for state bank loans does not extend to non-bank assignees; Ballard Spahr to hold June 19 webinar

CFPB Monitor

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.