Mortgages, National Bank Act

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

Cadwalader, Wickersham & Taft LLP on 9/16/2024

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

The Bank Preemption Ripple Effects After Cantero, Flagstar

WilmerHale on 9/4/2024

On May 30, the U.S. Supreme Court issued a unanimous decision in Cantero v. Bank of America, vacating and remanding a decision by the Second Circuit that concluded that the federally authorized powers of national banks under...more

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

Ballard Spahr LLP on 9/3/2024

On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme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

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

Ballard Spahr LLP on 8/28/2024

In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

Litigation Byte (June Edition)

McGlinchey Stafford on 7/16/2024

The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more

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

McGlinchey Stafford on 6/28/2024

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

It Depends: Scouring Precedent to Analyze National Bank Act Preemption

Venable LLP on 6/26/2024

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

National Bank Preemption of State Law Following Cantero

Troutman Pepper on 6/21/2024

On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed...more

Supreme Court punts another NBA preemption case; this time to the Ninth Circuit

Ballard Spahr LLP on 6/19/2024

On June 10, 2024, the Supreme Court granted the petition for a writ of certiorari and issued a summary disposition in Flagstar Bank, N.A. v. Kivett. The Supreme Court vacated the judgment and remanded the case to the Ninth...more

Will Supreme Court Ground Tremors Cause National Bank Preemption Tsunami?

Cadwalader, Wickersham & Taft LLP on 6/13/2024

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

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

Orrick, Herrington & Sutcliffe LLP on 6/3/2024

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

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

Husch Blackwell LLP on 6/3/2024

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

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

Ballard Spahr LLP on 3/5/2024

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

The Supreme Court Is Asked to Clarify ‎the Scope of NBA Preemption in Cantero v. Bank of ‎America

Locke Lord LLP on 2/23/2024

The Supreme Court is poised to resolve a circuit court split on whether the National Bank Act (“NBA”) preempts state laws requiring national banks to pay interest on mortgage escrow accounts. Cantero, et al. v. Bank of...more

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

Ballard Spahr LLP on 2/1/2024

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

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

Ballard Spahr LLP on 1/29/2024

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

SCOTUS to hear oral argument on Feb. 27 in National Bank Act preemption case

Ballard Spahr LLP on 1/18/2024

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...more

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

Ballard Spahr LLP on 12/29/2023

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

Amici Argue for Narrow Interpretation of National Bank Act Preemption

Troutman Pepper on 12/21/2023

A group of non-profit consumer advocacy organizations, the Conference of State Bank Supervisors, and the American Association of Residential Mortgage Regulators filed two separate briefs asking the U.S. Supreme Court to...more

Supreme Court Grants Cert for Interest-on-Escrow Preemption Case

Ballard Spahr LLP on 10/24/2023

The U.S. Supreme Court recently granted certiorari to hear the Second Circuit case of Cantero et al. v. Bank of America, N.A., involving National Bank Act (NBA) preemption of New York’s law requiring that interest be paid to...more

The Supreme Court Update - October 16, 2023

Dorsey & Whitney LLP on 10/17/2023

On October 13, 2023, the Supreme Court of the United States granted certiorari in 4 cases: Relentless, Inc. v. Department of Commerce, 22-1219: This is the second case that the Court has agreed to hear this term...more

What's Old is New Again: The Future of Bank Partnership Programs from Small Dollar Installment Loans to Mortgages to Everything

Hudson Cook, LLP on 6/14/2019

Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more

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