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Second Circuit Review: Federal Preemption Of State Banking Laws
October 31, 2022
Litigation of counsel Martin Flumenbaum and firm Chairman Brad Karp’s latest Second Circuit Review column, “Federal Preemption Of State Banking Laws,” appeared in the issue of the New York Law Journal. The authors discuss Cantero v. Bank of America, N.A. in which the Second Circuit recently found that the National Bank Act (NBA) preempts the New York interest-on-escrow law under “ordinary legal principles of pre-emption,” and that the Dodd-Frank Act “merely codified those rules.” The finding clarifies the preemptive scope of the NBA over a state law purporting to control an enumerated or incidental power of a national banks, and creates a circuit split that may ultimately need to be resolved by the Supreme Court. Litigation associate Matthew Disler assisted in the preparation of this column.
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