9th Circuit Finds State Escrow Law Not Preempted By Banking Law

Mealey's (March 7, 2018, 11:28 AM EST) -- PASADENA, Calif. — The Ninth Circuit U.S. Court of Appeals on March 2 reversed a district court’s ruling that dismissed a borrower’s class action claims for violations of federal and state law in relation to a bank’s failure to pay interest on funds in his mortgage escrow account, finding that California escrow interest law was not preempted by the National Bank Act (NBA) (Donald M. Lusnak v. Bank of America N.A., No. 14-56755, 9th Cir., 2018 U.S. App. LEXIS 5400)....