Financial Services Trade Groups File Lawsuit Challenging Oregon’s DIDMCA Opt-OutLaw

A coalition of financial services trade groups, including the National Association of Industrial Bankers (NAIB), American Financial Services Association (AFSA), and Online Lenders Alliance (OLA), today filed a lawsuit in the federal district court in Oregon against the Oregon Department of Consumer and Business Services seeking a preliminary injunction to prevent enforcement of House Bill 4116. The recently enacted law opts Oregon out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA).

Read the lawsuit, the press release from NAIB, AFSA, and OLA, and a statement from the American Fintech Council.