Cantero v. Bank of America
U.S. Supreme Court · decided May 30, 2024 · Supreme Court Database (Spaeth)
- Decided
- May 30, 2024
- Term
- October Term 2023
- Vote
- 9–0
- Majority author
- Justice Kavanaugh
- Issue area
- Federalism
- Disposition
- Vacated and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Conservative
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2023 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U. S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus CANTERO ET AL., INDIVIDUALLY AND ON BEHALF OF ALL OTHERS SIMILARLY SITUATED v. BANK OF AMERICA, N. A. CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT No. 22–529. Argued February 27, 2024—Decided May 30, 2024 The United States maintains a dual system of banking. Banks with federal charters—called national banks—are subject primarily to federal oversight and regulation. Banks with state charters are subject to additional state oversight and regulation. As relevant here, the National Bank Act expressly grants national banks the power to administer home mortgage loans. 12 U. S. C. §371 (a). When national banks make home mortgage loans, they often offer escrow accounts designed to protect both the bank and the borrower. Escrow accounts ensure the availability of funds to pay the insurance premium and property taxes on the borrower’s behalf. Escrow accounts operated by national banks are extensively regulated…
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