On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The specific question before the Court is whether, post-Dodd-Frank, the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. … Continue Reading
preemption
SCOTUS oral argument in Cantero v. Bank of America provides no clear indication of likely outcome; Ballard Spahr to host April 3 special webinar roundtable on Cantero oral argument
By Alan S. Kaplinsky on
Posted in Litigation and Court Decisions, Preemption
On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The question before the Court is whether, post-Dodd-Frank Act, the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. … Continue Reading
Former Comptrollers of the Currency file amicus brief in SCOTUS case disagreeing with Justice Dept. on scope of national bank preemption
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the Supreme Court is whether the National Bank Act (NBA) preempts application of the New York statute to national banks. … Continue Reading
Bank of America files merits brief with SCOTUS in National Bank Act preemption case; DOJ seeks leave to participate in oral argument
Bank of America, N.A. has filed its merits brief in Cantero v. Bank of America, N.A., the case currently before the U.S. Supreme Court dealing with the scope of national bank preemption. The petitioners must file their reply brief by February 16, 2024. (The petitioners’ merits brief is available here.) … Continue Reading
SCOTUS to hear oral argument on Feb. 27 in National Bank Act preemption case
On February 27, 2024, the U.S. Supreme Court will hear oral argument in Cantero v. Bank of America, N.A., a case involving the scope of preemption under the National Bank Act (NBA). The question before the Court is whether the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. … Continue Reading
Justice Department departs from OCC view of preemption in amicus brief filed with SCOTUS; Democratic Senators criticize OCC approach to preemption
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the Supreme Court is whether the National Bank Act (NBA) preempts application of the New York statute to national banks. … Continue Reading
This week’s podcast episode: What recent developments in federal preemption for national and state banks mean for bank and nonbank consumer financial services providers
By Barbara S. Mishkin on
Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In this episode, which repurposes a recent webinar, we first discuss the U.S. Supreme Court’s grant of certiorari in Cantero v.… Continue Reading
CFPB determines Truth In Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure laws
The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia. The determination will be effective on the date it is published in the Federal Register.
TILA authorizes the CFPB to determine whether a state law disclosure requirement is preempted upon the CFPB’s own motion or upon the request of a creditor or other interested party. … Continue Reading
SCOTUS asks for Solicitor General’s views on federal preemption of state laws requiring payment of interest on mortgage escrow accounts
The U.S. Supreme Court has invited the Solicitor General to file briefs expressing the views of the United States in two cases involving the question whether state laws requiring the payment of interest on mortgage escrow accounts are preempted for national banks and federal savings associations. The Supreme Court is considering whether to grant the petitions for certiorari filed in the two cases.… Continue Reading
CFPB makes preliminary determinations that Truth in Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure laws
In a notice of “Intent to Make Preemption Determination under the Truth in Lending Act (Regulation Z),” the CFPB announced that it is seeking comments on its preliminary determinations that the Truth in Lending Act (TILA) does not preempt certain provisions of the New York Commercial Finance Disclosure Law (CFDL) or the commercial financing laws of California, Utah, and Virginia. … Continue Reading