Recorded Webinar

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

Event Details
April 2024
12:30 PM - 1:45 PM CDT

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.

To date, national banks have relied on the Office of the Comptroller of the Currency’s (OCC) preemption regulations, as well as prior U.S. Supreme Court decisions concerning the NBA, to view many state consumer protection laws as preempted. A ruling by the Supreme Court in Cantero that the NBA does not preempt the New York law could implicitly call into the question the validity of the OCC’s preemption regulations and prior caselaw and could have significant compliance, enforcement, and civil litigation implications for national banks.

Our special webinar roundtable brings together four attorneys who filed amicus briefs with the Supreme Court, with two briefs supporting Bank of America and one supporting the plaintiff. They will discuss 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). In Barnett Bank, the Supreme Court ruled that the NBA preempts a state law if the state law “prevents or significantly interferes with the exercise of a national bank’s power.” (emphasis added). The panelists will share their reactions to the oral argument, important insights into the thinking of the nine Justices, predictions for how and when the Court will rule, and potential implications for national banks. They will also discuss the implications of the decision of the Department of Justice to support the plaintiff’s position and depart from the OCC’s longstanding views on the scope of NBA preemption. One of our guests submitted an amicus brief on behalf of 8 former Comptrollers of the Currency and several other former senior officials at the OCC.

Alan Kaplinsky, Senior Counsel and former Practice Group Leader in the firm’s Consumer Financial Services Group, will moderate. Our speakers can be found below.

  • Jonathan Y. Ellis, Partner at McGuireWoods LLP
  • William M. Jay, Partner, Appellate and Supreme Court Litigation at Goodwin Procter LLP
  • Matthew A. Schwartz, Partner at Sullivan & Cromwell LLP
  • Arthur E. Wilmarth, Jr., Professor Emeritus of Law at George Washington University Law School

CLE Language: This program is approved for 1.0 CLE credits in CA, NV, NY, & PA; and 1.2 NJ CLE credits. Uniform Certificates of Attendance will also be provided for the purpose of seeking credit in other jurisdictions.

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