On April 2, the U.S. Court of Appeals for the 10th Circuit granted a petition for rehearing en banc in a case challenging Colorado’s opt-out from DIDMCA’s federal interest rate preemption framework. The 10th Circuit vacated the panel’s November 10, 2025, judgment (covered by this Orrick Insight here), stayed issuance of the mandate, and reopened the matter — effectively restoring the district court’s preliminary injunction against enforcement of the Colorado opt-out statute. The case, previously covered by InfoBytes here, centers on whether Colorado’s opt-out of Section 521 of the DIDMCA allows the state to apply its interest rate caps to loans made by out-of-state, state-chartered banks to Colorado residents.

The court directed supplemental briefing on six specific questions, including: (i) whether the phrase “loans made in such State” in DIDMCA Section 525 refers to an “executed loan” and encompasses “loans in which either the lender or the borrower is located in the opt-out state”; (ii) how, if at all, the reference in Section 521 to “the State where the bank is located” should inform the meaning of “loans made in such State”; (iii) how, if at all, DIDMCA’s enactment history is instructive to interpreting “loans made in such State”; (iv) how, if at all, regulatory guidance is instructive to interpreting the phrase “loans made in such State”; (v) whether the phrase is ambiguous; and (vi) whether a presumption against preemption applies in the case. The court provided the plaintiffs-appellees with 30 days to file an opening supplemental brief, followed by a 30-day response period for Colorado and a 14-day reply window, and encouraged amicus participation.