“The American Fintech Council (AFC) supports this legal challenge against Oregon’s unlawful attempt to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). We commend the plaintiffs for defending longstanding and established federal law and standing up for consumers, small businesses and Oregon community banks that depend on a stable and competitive marketplace.

“As we explained to policymakers during relevant hearings, Congress enacted DIDMCA to ensure state-chartered banks can compete on equal footing with national banks to expand access to responsible credit. Attempts to reinterpret this law will restrict responsible and affordable lending activity, reduce access to credit, limit consumer choice, and create uncertainty for the financial institutions that families and small businesses rely on every day.

“Preserving a clear and consistent national framework is critical to ensuring community banks can compete effectively and continue serving consumers across state lines. AFC supports efforts to ensure DIDMCA is applied as Congress intended and to preserve a regulatory framework that promotes competition, supports responsible innovations, and strengthens financial outcomes for consumers nationwide.”