By Matthew Schwartz and Brandyn Rodgerson ( May 22, 2026, 3:21 PM EDT) -- On May 5, in Cantero v. Bank of America NA, the U.S. Court of Appeals for the Second Circuit issued a 2-1 decision holding that New York General Obligations Law, Section 5-601 — which requires banks to pay at least 2% interest on mortgage escrow accounts — is preempted by the National Bank Act as applied to national banks.[1]...
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