The Supreme Court gave homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts, throwing out an appeals court ruling in favor of the bank.
Thirteen states, including Massachusetts, have laws requiring banks to pay interest on escrowed funds, with New York mandating 2% interest.
Justice Brett Kavanaugh highlighted that not all state banking laws are preempted by federal law, referencing Dodd-Frank Act's role in allowing state regulation in certain cases.
Lawyer Jonathan Taylor viewed the Supreme Court decision as a win for consumers, as it supports Dodd-Frank's aim to restrict overreach of state consumer-financial laws that contributed to the financial crisis.
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