Comptroller Issues Statement on 10^th Circuit Decision

WASHINGTON—Comptroller of the Currency Jonathan V. Gould today issued the following statement following the decision by the United States Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers v. Weiser:

In its recently issued National Association of Industrial Bankers v. Weiser decision, the 10th Circuit has allowed Colorado to dictate the interest rate that a state bank located outside of Colorado may charge on certain loans. This decision risks undermining state banks’ ability to effectively administer multi-state lending programs and, perhaps more importantly, disadvantages state banks that wish to lend in Colorado compared to national banks and Federal savings associations. Such an outcome is fundamentally inconsistent with Congress’s efforts to create competitive equality between state and federally chartered banks. Courts or, if necessary, Congress should remedy this outcome.

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• Comptroller of the Currency Jonathan V. Gould