The OCC filed an amicus brief with the U.S. Court of Appeals for the Tenth Circuit in connection with the National Association of Industrial Bankers v. Weiser case, saying the court’s recent decision undermines the benefits of the federal interest rate framework that Congress granted to state banks.
Details: The OCC:
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Advocated for the Tenth Circuit to consider the case before its full court.
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Detailed how the panel’s decision undermines the benefits of the federal interest rate framework that Congress granted to state banks and places them at a significant competitive disadvantage compared to national banks.
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Said it strongly supports the dual banking system, including the preemption of state laws for state-chartered banks as permitted by law.
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Commended the FDIC for taking steps to support these congressionally granted benefits.
Comptroller Statement: Comptroller of the Currency Jonathan Gould last week said the Tenth Circuit has allowed Colorado to dictate the interest rate that a state bank located outside of Colorado may charge on certain loans, a decision that is fundamentally inconsistent with Congress’s efforts to create competitive equality between state and federally chartered banks.