September 4, 2018 / 11:53 AM / 5 months ago

Case to Watch: BofA case stirs concerns over banking preemption

(Reuters) -

Bank of America is asking the U.S. Supreme Court to weigh in on a lawsuit accusing it of failing to pay interest on mortgage escrow accounts in a case that lawyers say could open the door to new compliance headaches for banks in California and other states.

In a petition for certiorari filed in August, lawyers for Bank of America said the high court’s review is needed to clear up uncertainty about whether national banks must comply with state laws on escrow accounts and a “wide range of other state banking laws.”

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