Ballard Spahr Webinar: Who Will Win Cantero v. Bank of America, N.A. And What Does It Mean For You?

On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The specific question before the Court is whether, post-Dodd-Frank, the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. The decision, however, could have ramifications well beyond the specific New York law at issue.

The webinar roundtable brought together four attorneys who filed amicus briefs with the Supreme Court, with two briefs supporting Bank of America and one supporting the plaintiff. They discussed the arguments made in favor of and against preemption by both parties and their amici, including the significance of the language in the Dodd-Frank Act which, among other things, codified the Supreme Court’s holding in Barnett Bank of Marion Cnty., N.A. v. Nelson, 517 U.S. 25 (1996).

Willy Jay was a featured panelist.