The U.S. Supreme Court overturned a decision that released Bank of America from a class action lawsuit regarding a New York escrow interest law. The court found the circuit court's ruling on the law's preemption for national banks lacking nuance. Homeowners now have another opportunity to compel large banks, including BoA, to pay interest on mortgage escrow accounts as mandated by Massachusetts law.
The #SupremeCourt unanimously ruled that a New York State law that requires banks to pay interest on mortgage escrow accounts is not preempted by the National Bank Act. https://t.co/E7SgcQ2avS
US Supreme Court Reverses 2nd Circuit's Invalidation of NY Escrow Law https://t.co/R87cdznCbs
The Supreme Court on Thursday gave homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts. https://t.co/zPr5m087uG
FROM THE AP: Supreme Court gives homeowners another chance in escrow dispute with Bank of America. Mass. law requires bank to pay interest. https://t.co/m5VYTu449e #RealEstate #SupremeCourt #Courts #BankofAmerica
The U.S. Supreme Court threw out a decision that freed Bank of America from class action litigation brought over a New York escrow interest law, ruling that the circuit court wasn't "nuanced" enough in finding the law preempted for national banks. https://t.co/96TMSpLZwt https://t.co/KXapxtTml3
The US Supreme Court ruled that a federal appeals court didn’t do an appropriate review of whether BoA must abide by a New York law requiring it to pay interest on mortgage escrow accounts. https://t.co/Mb7jWYDaJl