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 is suddenly arguing that the law is invalid by asserting that it is preempted by the National Banking Act. An adverse decision in this case would overturn prior Supreme Court precedent and put even more power in the hands of financial corporations.

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