Implications of Cantero v. Bank of America NA
June 12, 2024
By: Dori K. Bailey
In this week’s Business in 2024 webinar, Bond Financial Institutions Regulatory attorney Dori K. Bailey discussed the implications of Cantero v. Bank of America, N.A. concerning preemption of a state consumer financial law. The state law requires banks to pay a minimum 2% interest rate on mortgage escrow accounts. Bank of America did not pay the 2% interest on mortgage escrow accounts based on the bank’s view that the New York law was preempted by the National Bank Act. As a result, class action lawsuits were filed against Bank of America. The Second Circuit in New York found in favor of Bank of America, holding that the state statute was preempted. The case was further appealed to the U.S. Supreme Court. In the full webinar, Dori explains the Supreme Court’s decision and the implications of this decision.
The full webinar covered the following topics:
- NYS Legislative Session Closeout
- Congestion Pricing Put on Pause
- Implications of Cantero v. Bank of America NA
- Navigating Complicated Attendance and Leave Issues
Click here to view the webinar in its entirety, download the presentation slides or to register for upcoming Tuesday presentations.
