In Cantero v. Bank of America, the US Supreme Court declined to decide whether Bank of America Corp. must pay interest on New York mortgage borrowers’ escrow accounts. Whether or not the case returns to the high court, the underlying legal principles certainly will. Numerous industries and activities are regulated at both the federal and state levels. The Constitution’s Supremacy Clause makes federal law the “supreme Law of the Land,” superseding or “preempting” conflicting state law. The hard part is identifying when there is a conflict.

Citation
Paul G. Mahoney, High Court Cantero Case Won’t Stem Federal, State Law Conflicts, Bloomberg Law (June 3, 2024).