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Page Number: 10

6 

CANTERO v. BANK OF AMERICA, N. A. 

Opinion of the Court 

Instead, Dodd-Frank provided, as relevant here, that the
National Bank Act preempts a state law “only if” the state 
law (i) discriminates against national banks as compared to 
state banks; or (ii) “prevents or significantly interferes with
the  exercise  by  the  national  bank  of  its  powers,”  as 
determined  “in  accordance  with  the  legal  standard  for 
preemption  in  the  decision  of  the  Supreme  Court  of  the
United States in Barnett Bank of Marion County, N. A. v. 
Nelson, Florida Insurance Commissioner, et al., 517 U.S. 25 
(1996).”  §§25b(b)(1)(A), (B).
  New York’s interest-on-escrow law does not discriminate 
against  national  banks.  The  question  of  whether  New
York’s interest-on-escrow law is preempted therefore must
be analyzed under Dodd-Frank’s “prevents or significantly 
interferes”  preemption  standard. 
judicial
application  of  that  preemption  standard,  Dodd-Frank 
expressly  incorporates  this  Court’s  decision  in  Barnett 
Bank.  The  preemption  question  here  therefore  must  be 
decided “in accordance with” Barnett Bank, as Dodd-Frank 
directs.  §25b(b)(1)(B).2 

To  guide 

A 
In  Barnett  Bank,  a  Florida  law  prohibited  most  banks
from selling insurance.  Barnett Bank of Marion Cty., N. A. 
v. Nelson, 517 U. S. 25, 29 (1996).  A dispute arose because
federal law authorized national banks to sell insurance in 
small towns, and a national bank wanted to sell insurance 
in a small Florida town.  Id., at 28–29. 

This  Court  held  that  the  Florida  law  was  preempted
because  the  law  significantly  interfered  with  the  national 
—————— 

2 Cantero’s  mortgage  agreement  (unlike  Hymes  and  Harwayne-
Gidansky’s  mortgage  agreement)  was  signed  after  Dodd-Frank  was 
enacted but before Dodd-Frank became effective.  Because we conclude 
that Dodd-Frank adopted Barnett Bank, and because Barnett Bank was 
also the governing preemption standard before Dodd-Frank, the timing
of Cantero’s mortgage agreement does not affect the preemption analysis 
here.