SCOTUS: Cantero v Bank of America

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Holding: The U.S. Court of Appeals for the 2nd Circuit failed to analyze whether New York’s interest-on-escrow law is preempted as applied to national banks in a manner consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Barnett Bank of Marion Cty., N. A. v. Nelson.

Judgment: Vacated and remanded, 9-0, in an opinion by Justice Kavanaugh on May 30, 2024
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Cantero v. Bank of America - SCOTUSblog

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Potential implications for Custodia Bank's fight with the Fed:



The opinion (18 page .PDF):

https://www.supremecourt.gov/opinions/23pdf/22-529_1b7d.pdf

 

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Related:

SCOTUS National Bank Act Preemption Ruling​

posted by Adam Levitin

The Supreme Court issued an important ruling about the National Bank Act's preemption standard today that precludes broad, categorical preemption of state consumer financial laws, but instead requires a fact-specific analysis.This decision opens the way to more expansive state consumer financial regulation that affects banks.

More:

https://www.creditslips.org/creditslips/2024/05/scotus-national-bank-act-preemption-ruling.html

From a link in the article:

https://www.supremecourt.gov/opinions/23pdf/22-529_1b7d.pdf