May 30, 05:45 PM

US Supreme Court Reverses Decision, Bank of America Faces Escrow Interest Law Challenge in New York, Massachusetts

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.

#Bank of America #New York #BoA #Massachusetts

Written with ChatGPT (GPT-3).

Sources

NTD News@NTDNews
2 years ago
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
Legal Times@Legal_Times
2 years ago
US Supreme Court Reverses 2nd Circuit's Invalidation of NY Escrow Law https://t.co/R87cdznCbs
TribLIVE.com@TribLIVE
2 years ago
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

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