Consumer Groups Urge Tenth Circuit to Adopt Colorado’s Interpretation of Section 525 of DIDMCA

Another amicus brief has been filed in the Tenth Circuit’s en banc consideration of NAIB v. Weiser , this time by two prominent consumer advocacy organizations: the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC). The brief supports the Colorado Attorney General’s interpretation of Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA), arguing that when a state opts out of Section 521, it may apply its usury laws to loans made by out-of-state state-chartered banks to borrowers residing in the opt-out state….