For more than 40 years, banks have complied with a 1974 New York state law designed to protect homeowners — a law governing profits generated by interest-generating mortgage escrow accounts. But after more than 40 years of compliance, Bank of America suddenly argued that the law is invalid by asserting that it is preempted by the National Bank Act. 

On May 30, 2024, the Supreme Court unanimously protected the ability of states to regulate banks within their borders.

Powerbroker-Affiliated Organizations

Organization

U.S. Chamber of CommerceRead the amicus brief

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  Koch Network

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  Horatio Alger Association