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U.S. Bank National Association v. Thomas

Close Date: 06/28/2010
Date Of Involvement: 05/26/2010
Docket: 09-1161

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The Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) permits state-chartered banks to charge interest at a prescribed rate, preempts contrary state law, and provides a federal remedy for usury. That remedy only applies, however, “if the rate prescribed [by DIDA] exceeds the rate such State bank . . . would be permitted to charge in the absence of [DIDA].” 12 U.S.C. § 1831d(b). Below, the plaintiffs argued that DIDA does not apply to the facts of this case for two reasons: (a) the rate prescribed by DIDA did not exceed the applicable rate under Missouri law and (b) the claims in this case are not state-law usury claims because they pertain only to certain non-interest fees. The questions presented in this case are:

1. Did the Eighth Circuit err in holding, as a threshold matter, that DIDA “does not apply” to the “particular circumstances” of this case?

2. If it applied to the “particular circumstances” of this case, would DIDA completely preempt the plaintiffs’ state-law claims?

Deepak Gupta and Allison Zieve of Public Citizen were co-counsel for the respondent, and the Court denied cert.