News & Analysis as of

Preemption Mortgages Bank of America

Cadwalader, Wickersham & Taft LLP

What Happens When You Ignore the Supreme Court? Maybe the Ninth Circuit Will Find Out – an Update on National Bank Preemption

As we reported in June, the Supreme Court handed down a decision in Cantero v. Bank of America on bank pre-emption matters that remanded cases decided by three different Circuit Courts, finding that  the courts did not apply...more

Ballard Spahr LLP

Petition for rehearing to be filed in Ninth Circuit in National Bank Act preemption case related to mortgage escrow accounts

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On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme Court...more

Ballard Spahr LLP

In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v....

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In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

McGlinchey Stafford

New York’s Interest-On-Escrow Law May Not Be Preempted by the National Bank Act

McGlinchey Stafford on

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

Venable LLP

It Depends: Scouring Precedent to Analyze National Bank Act Preemption

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The issue before the Supreme Court in Cantero v. Bank of America was straightforward: does the National Bank Act preempt a New York state law requiring all banks, including national banks, to pay interest on certain mortgage...more

Cadwalader, Wickersham & Taft LLP

Will Supreme Court Ground Tremors Cause National Bank Preemption Tsunami?

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

Orrick, Herrington & Sutcliffe LLP

U.S. Supreme Court vacates decision on interest for escrow accounts, orders further review

On May 30, the U.S. Supreme Court vacated and remanded for further proceedings a 2022 decision by the Second Circuit that held that the National Bank Act preempted a New York state law requiring the payment of interest on...more

Husch Blackwell LLP

U.S. Supreme Court Rejects a More Bright-Line National Bank Act Preemption Standard

Husch Blackwell LLP on

In a unanimous decision, the U.S. Supreme Court rejected a more bright-line standard for determining whether the National Bank Act (NBA) preempts a state law. Rather, the Supreme Court explained that the NBA preemption...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Cantero v. Bank of America, N.A.

On May 30, 2024, the U.S. Supreme Court decided Cantero v. Bank of America, N.A., No. 22-529, holding that courts must conduct a practical assessment of the nature and degree of the interference when determining whether a...more

Ballard Spahr LLP

SCOTUS oral argument in Cantero v. Bank of America provides no clear indication of likely outcome

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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...more

Ballard Spahr LLP

Former Comptrollers of the Currency file amicus brief in SCOTUS case disagreeing with Justice Dept. on scope of national bank...

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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...more

Ballard Spahr LLP

Bank of America files merits brief with SCOTUS in National Bank Act preemption case; DOJ seeks leave to participate in oral...

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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...more

Ballard Spahr LLP

Justice Department departs from OCC view of preemption in amicus brief filed with SCOTUS; Democratic Senators criticize OCC...

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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...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Weeks Ending August 10 & 17, 2018

Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Loan Modification: foreclosing plaintiff was required to allege and prove default of loan modification agreement after trial court found the loan modification to be the operative...more

Ballard Spahr LLP

Courts, States Continue to Wrestle with Homeowners Association Assessment Liens

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The circumstances under which a condominium or homeowners association (HOA) lien for unpaid assessments may wipe out a lender’s mortgage lien continues to evolve across the country. As noted in our previous alerts regarding...more

Burr & Forman

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

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