Supreme Court Justices Hear Arguments In New York Escrow Law Preemption Appeal

(February 28, 2024, 8:42 AM EST) -- WASHINGTON, D.C. — An attorney representing mortgage borrowers in challenging a Second Circuit U.S. Court of Appeals ruling that the National Bank Act (NBA) preempts New York’s escrow-interest law argued before the U.S. Supreme Court on Feb. 27 that the court used the wrong test, one concerning whether the law “controls or otherwise hinders the exercise of a national bank’s powers.”...