Appeals court rules New York interest-on-escrow law preempted by federal law
A federal appeals court ruled that New York State’s interest-on-escrow law is preempted by the National Bank Act, with the...
Legal
OCC issues two interim final actions related to IFPA preemption
The OCC’s interim final order confirms that federal law preempts the IFPA, expressly providing that national banks and federal savings...
ABA: Illinois interchange law will ‘wreak havoc’ on payment systems
If enforcement of an Illinois law restricting interchange fees is not prevented before July 1, it will upend the debit-...
Full Tenth Circuit to examine decision in Colorado rate cap lawsuit
The full Tenth Circuit Court of Appeals has agreed to examine a three-judge panel ruling leaving in place a Colorado...
Trump administration seeks court permission to halve CFPB workforce
The Trump administration is asking a federal appeals court for permission to reduce the Consumer Financial Protection Bureau’s current workforce...
Vought requests more CFPB funding from Fed
CFPB Acting Director Russell Vought has requested $75.8 million from the Federal Reserve to fund the bureau through the end...
OCC, former comptrollers urge court to overturn Illinois interchange ruling
An Illinois state law restricting interchange fees for certain payments threatens the national banking system by interfering with federal powers...
Second court rules against administration in legal fight over CFPB funding
A federal judge in California has ruled that the Trump administration must continue funding the CFPB. The decision follows a...
Court tosses subpoenas against Fed’s Powell
A federal court has tossed two Justice Department subpoenas against Federal Reserve Chairman Jerome Powell after finding that “a mountain...
Federal court partially upholds Illinois interchange fee law
A federal court in Illinois partially upheld a first-of-its-kind state law restricting interchange fees for debit and credit card payments,...
