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Preemption Financial Services Industry

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

Consumer Finance Monitor Podcast Episode: The Cantero Opinion: The Supreme Court Leaves National Bank Preemption in Limbo

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On May 30, the Supreme Court issued its opinion in Cantero v. Bank of America, reversing and remanding the case to the Second Circuit. Rather than articulating a bright line test for preemption, the Supreme Court instructed...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On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme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In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

Ballard Spahr LLP

Bank and Credit Union Industry Groups Challenge Illinois Interchange Fee Prohibition Act as Unlawful and Urge the Court to Stop...

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On August 15, 2024, the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union League filed a complaint for declaratory and injunctive relief against the Illinois...more

Ballard Spahr LLP

Acting Comptroller Hsu pressured to repeal preemption regs by Conference of State Bank Supervisors and consortium of consumer...

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On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more

Ballard Spahr LLP

Three Members of Congress and U.S. Treasury Express Concerns that Florida Law Prohibiting Banks from Considering Customers’...

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As we previously blogged, a Florida law (Fla. Stat. § 655.0323, entitled “Unsafe and unsound practices”) which became effective July 1, 2024 prohibits federal and state depository institutions conducting business in the state...more

Cadwalader, Wickersham & Taft LLP

Chevron Isn't Slowing CFPB Down, As They Issue a New Proposed Rule on Mortgage Servicing

On July 24th, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties”, with a comment period ending on September 9, 2024....more

Ballard Spahr LLP

OCC to review its preemption interpretations in light of Supreme Court opinion and state debanking laws

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On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more

WilmerHale

In That Case: Cantero v. Bank of America

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In the Public Interest is excited to present its second annual miniseries examining notable decisions recently issued by the US Supreme Court. In this episode, co-host Michael Dawson is joined by WilmerHale Senior Counsel...more

McGlinchey Stafford

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

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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

Troutman Pepper

National Bank Preemption of State Law Following Cantero

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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

Ballard Spahr LLP

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

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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

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

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Clarifies Standard for Analyzing National Bank Act Preemption

In Cantero v. Bank of America, the U.S. Supreme Court clarified the standard for analyzing whether the National Bank Act (the NBA) preempts state laws regulating banks chartered under the NBA. In doing so, the Court rejected...more

Ballard Spahr LLP

Supreme Court punts the NBA preemption analysis back to the Second Circuit

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On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring...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

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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

Epstein Becker & Green

Preemption, the First Amendment, and Ineffective Assistance of Counsel on Today’s Decisional Menu - SCOTUS Today

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Once again, the U.S. Supreme Court handed down three decisions on a Thursday, each of them substantively important to the individuals involved, but all of them essentially involving the Supreme Court’s instructing lower...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

Consumer Finance Monitor Podcast Episode: The U.S. Supreme Court’s Pending Ruling on National Bank Preemption: A Discussion of...

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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

Troutman Pepper

DOT Deputizes State AGs to Pursue Consumer Claims Against Airlines, Circumventing Long-Standing Preemption

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The U.S. Department of Transportation (DOT) recently announced an Airline Passenger Protection Partnership with state attorneys general (AGs), marking a significant expansion of AGs’ regulatory reach. This partnership, formed...more

Ballard Spahr LLP

Oh, won’t you stay (enforcement): Plaintiffs seek preliminary injunction in Colorado interest rate preemption opt-out challenge

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Colorado’s attempt to opt out of interest rate exportation by out-of-state, state-chartered banks ultimately will fail, and will cause irreparable harm in the interim: therefore, enforcement of the opt out should be...more

Balch & Bingham LLP

U.S. District Court Addresses Federal Preemption For State Credit Reporting Laws - Transcript

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Welcome to Balch's Consumer Finance Compass, where we navigate the complex regulatory sphere that is consumer finance. I'm Jason Tompkins, partner in the Consumer Finance Compliance and Defense Practice. Today we'll explore...more

Balch & Bingham LLP

U.S. District Court Addresses Federal Preemption for State Credit Reporting Laws

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In this episode of Consumer Finance Compass, Balch’s Jason Tompkins, partner in Balch & Bingham’s Consumer Finance Compliance & Defense Practice, explores the decision from the U.S. District Court for the District of Maine in...more

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