This week the Ohio Governor signed Ohio H.B. No. 195 into law to revise the Ohio Uniform Commercial Code (“UCC”) to address digital assets and other emerging technologies. The bill will become effective 90 days after it is filed with the Ohio Secretary of State. The Ohio UCC update bill is based on the draft bill created by the Uniform Law Commission and enacted in other states. The provisions in the bill include: Read More
On April 7, 2026, Oregon Governor Tina Kotek signed Oregon HB 4116 into law, with an effective date of June 5, 2026. Various trades have not filed suit to block the law and obtain injunctive relief. See Complaint for Declaratory and Injunctive Relief, National Association of Industrial Bankers v. O’Day, No. 6:26-cv-01201-AA (D. Or. filed June 15, 2026). Among other things, Oregon HB 4116 enacted Section 725.015(2), a DIDMCA opt out, which reads in relevant part: “The Legislative Assembly hereby declares that this state does not want any of the amendments set forth in section 521 of the...
Interchange continues to be the topic of the day! While states continue to attempt to challenge interchange fees with restrictive laws (see our ALERT of June 8, 2026), on Tuesday U.S. District Judge Brian M. Cogan in Brooklyn, New York, said a proposed settlement covering Visa, Mastercard and more than 12 million merchants was "fair, reasonable, and adequate," and that he was likely to eventually grant final approval. See In re Payment Card Interchange Fee And Merchant Discount Antitrust Litigation, No. 1:05-MD-1720 (E.D.N.Y., June 9, 2026). In this litigation, numerous merchants accused...
It has been a busy week for interchange with potentially big wins for some banks! The Colorado legislature passed a bill banning banks from charging interchange fees on tips and sales tax, similar to an Illinois law, the Illinois Interchange Fee Prohibition Act (“IFPA”), but the Colorado governor vetoed the Colorado law, referencing the controversy surrounding the Illinois law. Read More
Los Angeles County Superior Court Judge Gary D. Roberts filed a final Statement of Decision and Judgment in favor of Opportunity Financial, LLC (“OppFi”) in a key "true lender" case. See Statement of Decision and Judgement, Opportunity Financial, LLC, v. Hewlett, No. 22STCV08163 (Cal. Super. Ct., dated May 19, 2026 and May 20, 2026, respectively). For background on this case, see our ALERTS of Mar. 13, 2026 and Mar. 28, 2022 and Elizabeth L. Anstaett and Mercedes C. Ramsey, Opportunity Financial LLC v. Hewlett: True Lender and Usury Issues, 77 CONSUMER FIN. L.Q. REP. 221 (2024). The court...
On May 19, 2026, the National Credit Union Administration (NCUA) submitted a rule to the Office of Management and Budget's Office of Information and Regulatory Affairs asserting that federal law preempts the Illinois Interchange Fee Prohibition Act (IFPA), which bans the collection of interchange fees on taxes and tips and is set to become effective July 1, 2026. See our ALERT of Feb. 26, 2026. The Office of the Comptroller of the Currency (OCC) issued a similar interim final rule clarifying national banks’ power to charge non-interest charges and fees and interim final order on April 24th,...
Consumer financial services law is always in state of flux. After over a decade of dominance by the federal Consumer Financial Protection Bureau, the Trump administration has made an effort to scale back the CFPB’s reach. Consequently, state regulators and attorneys general are stepping up to fill the void and reassert historical authority with expanded tools in hand. As a practical matter for the industry, this shift in balance calls for greater attention to state law and regulation as a matter of ongoing compliance strategy. Read More
The U.S. Court of Appeals for the Second Circuit has issued its long awaited opinion on remand in Cantero v Bank of America, N.A.1 upholding national bank preemption with regard to New York’s interest on escrow law. This decision creates a clear conflict with the First Circuit in Conti and the Ninth Circuit in Kivett, setting the stage for a potential appeal to the U.S. Supreme Court for further guidance on the proper application of the “nuanced comparative analysis” required by the Supreme Court’s earlier decision in Cantero. See our ALERT of Dec. 11, 2025. The Second Circuit’s decision was...
The U.S. Court of Appeals for the Tenth Circuit has granted plaintiffs’ petition for rehearing en banc in National Association of Industrial Bankers v. Weiser. 1 See our ALERTS of Dec. 18, 2025 and Jan. 27, 2026. The court’s November 10, 2025 judgment has been vacated... Read More
Los Angeles County Superior Court Judge Gary D. Roberts has issued a tentative decision granting summary judgment in favor of Opportunity Financial, LLC (“OppFi”) in a key "true lender" case. See Opportunity Financial, LLC, v. Hewlett, No. 22STCV08163 (Cal. Super. Ct., Jan. 29, 2026); see our ALERT of.... Read More