The Tenth Circuit's November 10 decision in National Association of Industrial Bankers v. Weiser marks the first appellate interpretation of a state's opt-out authority under Section 525 of DIDMCA—and it carries major implications for state banks and their fintech partners.
The court held that a loan is "made in" an opt-out state if either the lender or the borrower is located there, meaning Colorado's usury limits apply to loans made to Colorado residents by out-of-state state banks. While national banks retain full rate-exportation authority, the ruling could significantly reshape lending models in states that consider opt-outs.
A strong dissent argued that the majority's reading conflicts with the text and purpose of DIDMCA and threatens the interest-rate parity Congress intended between national and state banks. A petition for rehearing en banc will be filed on December 9, and the existing injunction against enforcement of Colorado's statute remains in place pending the Tenth Circuit's action.
Join Our Webinar
December 16, 2025 | 12:00–1:30 PM ET
Our panel will discuss:
- Status and expected duration of the injunction
- Which lenders and loan programs are affected
- Prospects for en banc review and upcoming amicus activity
- How the ruling may influence credit availability, charter conversions, and bank–fintech partnerships
- The decision's relationship to Cantero, Conti, and Kivett
- Developments in other opt-out jurisdictions
Moderator:
Alan S. Kaplinsky, founder and former chair and now Senior Counsel
of Consumer Financial Services Group at Ballard Spahr LLP
Panelists:
- Richard Andreano, Partner and Chair of Mortgage Banking Group and member of Consumer Financial Services Group at Ballard Spahr, LLP
- John Culhane, Partner in Consumer Financial Services Group at Ballard Spahr LLP
- Andrew Kushner, Senior Policy Counselor, Center for Responsible Lending
- Joseph Schuster, Partner in Consumer Financial Services Group at Ballard Spahr LLP
CLE credit will be provided.