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ARTICLE · 05 MARCH 2025

FDIC Withdraws Support For Colorado's Opt-Out Law Before Tenth Circuit

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On February 26, the FDIC withdrew its amicus brief in the 10th Circuit Court of Appeals challenging Colorado's 2023 opt-out law which aimed to restricting higher-cost online lending.

United StatesTechnology
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
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On February 26, the FDIC withdrew its amicus brief in the 10th Circuit Court of Appeals challenging Colorado's 2023 opt-out law which aimed to restricting higher-cost online lending. The FDIC's decision follows a shift in the agency's leadership and marks a departure from the previous administration's position supporting Colorado's interpretation of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA).

Colorado's opt-out law invokes a provision of DIDMCA that allows states to exclude themselves from the federal interest rate exportation framework, which enables banks to lend nationally at rates permitted by their home states. The law seeks to apply Colorado's interest rate caps—some as low as 15%—to all loans made to Colorado residents, including those issued by out-of-state banks in partnership with fintech firms.

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