  We present observations of the unusual optical transient SN 2010U, including
spectra taken 1.03 days to 15.3 days after maximum light that identify it as a
fast and luminous Fe II type nova. Our multi-band light curve traces the fast
decline (t_2 = 3.5 days) from maximum light (M_V = -10.2 mag), placing SN 2010U
in the top 0.5% of the most luminous novae ever observed. We find typical
ejecta velocities of approximately 1100 km/s and that SN 2010U shares many
spectral and photometric characteristics with two other fast and luminous Fe II
type novae, including Nova LMC 1991 and M31N-2007-11d. For the extreme
luminosity of this nova, the maximum magnitude vs. rate of decline relationship
indicates a massive white dwarf progenitor with a low pre-outburst accretion
rate. However, this prediction is in conflict with emerging theories of nova
populations, which predict that luminous novae from massive white dwarfs should
preferentially exhibit an alternate spectral type (He/N) near maximum light.
