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Supreme Court Remands National Bank Act Preemption Case

The United States Supreme Court remanded Cantero v. Bank of America to the Second Circuit for a preemption analysis consistent with the Barnett Bank case as required by the Dodd Frank Act. The case involved National Bank Act preemption and a New York state law that requires lenders and holders to pay interest on residential mortgage escrow accounts. The unanimous decision summarized the facts leading up to the case, including a summary of the Barnett Bank case and the Dodd Frank Act’s incorporation of the decision and the “prevents or significantly interferes” standard into federal statutory law… Read More