On November 10, 2025, the US Court of Appeals for the 10th Circuit issued its opinion in National Association of Industrial Bankers v. Weiser, a closely watched case testing the boundaries of state authority over interest-rate caps for loans made by state-chartered banks over the internet. The decision, which reversed a district court injunction, allows Colorado to enforce its own limits on loans to Colorado …
Court Enjoins CFPB’s Open Banking Rule Pending New Rulemaking
On October 29, 2025, the US District Court for the Eastern District of Kentucky issued a preliminary injunction that prevents the Consumer Financial Protection Bureau (CFPB) from enforcing its Personal Financial Data Rights (PFDR) final rule until the CFPB completes its new rulemaking. The injunction, therefore, halts compliance deadlines that would have required certain financial institutions to implement new data-sharing standards as early as June …
District Court Vacates Regulation II’s Debit Card Interchange Fee Standard
A federal district court recently vacated the Federal Reserve Board’s Regulation II, which includes a cap on the fees that bank issuers may charge merchants for processing debit transactions. The court concluded that the rule is contrary to law and the Federal Reserve exceeded its statutory authority under the Durbin Amendment. The vacatur is currently stayed pending an anticipated appeal to the US Court of …
Open Banking Is on Ice as CFPB Seeks to Toss Its Own Rule
Cooley lawyers Obrea Poindexter and Palmer Quamme co-authored an article for Law360 about the Consumer Financial Protection Bureau’s bid to rescind its own rule, implementing Section 1033 of the Dodd-Frank Act concerning personal financial data rights. Read more ›
Click to Cancel Just Got Cancelled: Eighth Circuit Vacates Entirety of FTC’s Negative Option Rule
On July 8, 2025, the US Court of Appeals for the Eighth Circuit vacated the entirety of the Federal Trade Commission’s new Negative Option Rule – popularly known as the Click-to-Cancel Rule – just days before it was scheduled to take full effect. While the rule has been vacated, the FTC can still police unfair and deceptive subscription practices under existing statutory authority. Companies also must continue …