Dan Stipano joins amicus brief to U.S. Supreme Court in Cantero
Davis Polk partner Dan Stipano joined fellow former senior OCC officials in an amicus brief filed with the U.S. Supreme Court in support of Bank of America’s position in Cantero v. Bank of America. The case involves the scope of preemption under the National Bank Act. The Supreme Court will decide whether the NBA preempts a New York law requiring national banks and other lenders to pay 2% interest on mortgage escrow accounts.
The brief states that the OCC has consistently performed its role of overseeing and protecting the national banking system and concluded - over decades and across administrations - that state law may not compel national banks to pay interest on escrow accounts. The OCC has consistently taken the position that, under Barnett Bank, state laws conflict with a federal power vested in national banks when they attempt to control or hinder the exercise of that power.
Dan served for more than 30 years at the OCC, including as Deputy Chief Counsel and Acting Chief Counsel and Senior Deputy Comptroller, in both Democratic and Republican Administrations. In these roles, Dan supervised the preparation of briefs submitted on behalf of the OCC in federal preemption cases, including Watters v. Wachovia Bank, N.A. and Cuomo v. Clearing House Ass’n.