Supreme Court invites briefs on national bank preemption in mortgage escrow cases
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The Supreme Court issued an order on October 5 inviting the Solicitor General to file briefs in three cases. These cases involve state laws that require national banks to pay interest on mortgage escrow accounts. The Court's action indicates it is seriously considering revisiting the preemption issue.
From natlawreview.com
Why it matters
The order addresses growing uncertainty over the scope of National Bank Act preemption. The cases examine whether state laws significantly interfere with a national bank’s powers regarding mortgage escrow accounts.
From natlawreview.com
Who's involved
- Barnett BankNational bank whose operations are subject to preemption review
- Citizens Financial GroupNational bank whose operations are subject to preemption review
- Bank of AmericaNational bank involved in a case concerning state law preemption
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Barnett BankSpeculative
Barnett Bank might face changes in operational costs or revenue related to mortgage escrow accounts.
- Citizens Financial GroupSpeculative
Citizens Financial Group could face changes in operational costs or revenue related to mortgage escrow accounts.
- Bank of AmericaSpeculative
Bank of America may face changes in operational costs or revenue related to mortgage escrow accounts.
Keep exploring
The entities involved
-
Barnett Bank
former Florida-based bank
Nothing else this week.
-
Citizens Financial Group
American bank headquartered in Providence, Rhode Island