On May 30, 2024, the Supreme Court reversed the Second Circuit’s holding that New York General Obligation Law § 5–601, which mandates banks to pay borrowers the interest accumulated on a balance held in an escrow account for...more
On May 30th, an unanimous Supreme Court ruled that the Second Circuit needed to take another shot at evaluating whether Bank of America, a national bank, can pre-empt a New York state law requiring the payment of interest on...more
On September 15, 2022, the U.S. Court of Appeals for the Second Circuit ruled in Cantero v. Bank of Am. that the National Bank Act (NBA) preempts a New York law requiring mortgage lenders to pay interest on mortgage escrow...more