Bipartisan AG Group Asks Supreme Court to Affirm States’ Right to Enforce Banking Laws

  • A bipartisan coalition of 34 AGs wrote an amicus brief to the U.S. Supreme Court advocating for states’ right to enforce their consumer financial protection laws against state and national banks alike.
  • The amicus brief, submitted in Cantero v. Bank of America, N.A., asks the Court to overturn a Second Circuit decision holding that the National Bank Act preempted the application of a New York escrow-interest law to national banks. The AGs argue that the Second Circuit’s broad preemption standard unduly undermines the states’ sovereign interest in enforcing their banking-related laws against both state and national banks for the benefit of consumers, and that the ruling conflicts with Supreme Court precedent affirming states’ ability to enforce such laws
  • The AGs ask the Supreme Court to reverse the Second Circuit’s judgment.