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Effective URL: https://www.thewbkfirm.com/industry/supreme-court-seeks-governments-view-on-national-bank-act-preemption-in-escrow-interest...
Submission: On April 06 via manual from US — Scanned from DE
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WBK Coronavirus Update info@thewbkfirm.com 202.628.2000 Open Menu * Home * About Us * Practice Areas * back * Practice Areas * Investigation and Enforcement * Licensing and Approvals * Litigation * Regulatory Compliance * Transactional and Corporate * People * WBK News * back * WBK News * Webinars * WBK Download * Mitch Kider Articles * Industry News * back * Industry News * Federal Regulatory Developments * State Regulatory Developments * Litigation Developments * WBK Coronavirus Update * Careers * back * Careers * Attorney Openings * Contact * Home * About Us * Practice Areas * Investigation and Enforcement * Licensing and Approvals * Litigation * Regulatory Compliance * Transactional and Corporate * People * WBK News * Webinars * WBK Download * Mitch Kider Articles * Industry News * Federal Regulatory Developments * State Regulatory Developments * Litigation Developments * WBK Coronavirus Update * Careers * Attorney Openings * Contact SUPREME COURT SEEKS GOVERNMENT’S VIEW ON NATIONAL BANK ACT PREEMPTION IN ESCROW INTEREST RATE CASES 06 Apr 2023 Recently, the U.S. Supreme Court invited the U.S. Solicitor General to file a brief expressing the government’s views on whether the National Bank Act (NBA) preempts state law requiring interest payments on mortgage escrow accounts. Currently, the U.S. Courts of Appeals for the Second and Ninth Circuits are split regarding this question. The Second Circuit held that the NBA preempts a New York law that requires “mortgage investing institutions” that maintain escrow accounts to pay interest at a specified rate. The Second Circuit reasoned that because the NBA preempts any state law that “would exert control over a banking power granted by the federal government” the New York law was preempted because “[b]y requiring a bank to pay its customers [] to exercise [its banking power, the law would [permit states to] exert control over banks’ exercise of that power.” Conversely, the Ninth Circuit held that the NBA did not preempt a California law that requires financial institutions to pay interest at a specified rate on escrow accounts associated with certain mortgage loans, concluding this law did not “prevent or significantly interfere with the exercise of a national bank’s powers.” The U.S. Supreme Court has yet to grant or deny certiorari in this case. Share Post: Florida Companies Settle False Claims Act Allegations Related to PPP Loans Virginia Passes Legislation Allowing Remote Work CONTACT US Weiner Brodsky Kider PC 1300 19th Street NW, 5th Floor Washington DC 20036-1609 202.628.2000 info@thewbkfirm.com PRACTICE AREAS * Investigation and Enforcement * Licensing and Approvals * Litigation * Regulatory Compliance * Transactional and Corporate WBK NEWS 2023 NMLS Ombudsman Meeting 04 Apr 2023 2023 FINTECH Meetup 04 Apr 2023 Lenders One 2023 Summit 03 Mar 2023 SUBSCRIBE TO WBK FINANCIAL SERVICES UPDATE * First Name* * Last Name* * Company Name* * Email* * CAPTCHA * Email This field is for validation purposes and should be left unchanged. © 2022 Weiner Brodsky Kider PC. Disclaimer. Privacy Policy Notifications