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Insights / events

Presentation

Mortgage(e) Interest?: The Current State of NBA Preemption in Light of Cantero and Lusnak

Read Time: 1 min

There is presently a circuit split between the Second (Cantero) and the Ninth (Lusnak) Circuits regarding whether and to what extent the National Banking Act (NBA) preempts state interest-on-escrow (IOE) laws.

On Saturday, April 29, 2023, Member Lynette Hotchkiss (Nashville) will participate in a panel discussion on “Mortgage(e) Interest?: The Current State of NBA Preemption in Light of Cantero and Lusnak” during the ABA Business Law Section Spring Meeting in Seattle, WA. The panelists will provide key historical context for this split, analyze both cases in detail, explain how these cases and issues have a potentially broad and deep impact beyond IOE, and prognosticate on how this split resolves and impacts the future of NBA preemption.

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Insights

Published Article

FTC Issues New Health Products Compliance Guidance

January 30, 2023

The Federal Trade Commission (FTC) has issued a new Health Products Compliance Guidance document to provide guidance to businesses on how to ensure that claims about the benefits and safety of health-related products are truthful, not misleading, and supported by science.

Published Article

New York Interest-On-Escrow Law Preempted by National Bank Act

October 7, 2022

On September 15, 2022, the U.S. Court of Appeals for the Second Circuit ruled in Cantero v. Bank of Am. that the National Bank Act (NBA) preempts a New York law requiring mortgage lenders to pay interest on mortgage escrow accounts as it relates to national banks. This ruling creates a circuit split on the issue of NBA preemption of state laws requiring payment of interest-on-escrow accounts.

Published Article

FHFA Announces Comprehensive Review of the Federal Home Loan Bank System

October 7, 2022

On August 31, 2022, the Federal Housing Finance Agency (FHFA) announced that the agency will conduct a comprehensive review of the Federal Home Loan Bank (FHLBank) System starting in the fall of 2022. As part of the agency’s review, FHFA is seeking feedback from the public on the efficacy of FHLBanks. In particular, FHFA is seeking feedback from the public in six areas:

Published Article

Future of Minority Depository Institutions

August 30, 2022

On July 26, 2022, the Office of the Comptroller of the Currency (OCC) issued an update to its 2013 policy statement on minority depository institutions (MDIs). Acting Comptroller Michael J. Hsu noted as follows concerning the reason for updating the policy: “MDIs are on the frontlines serving low-income, minority, rural and other underserved communities. They are a critical source of credit to support the financial needs and economic vitality of their communities. The OCC has a long history of recognizing the value of these institutions, and we will continue our efforts to ensure they remain a bedrock of financial access and inclusion.”