On March 15, BPI submitted an amicus brief to the Ninth Circuit in McShannock v. JP Morgan Chase, supporting the view that Home Owners’ Loan Act (HOLA) preemption of conflicting state laws applies to a successor bank to the extent preemption applied at initiation of a loan originated by a federal savings association (FSA). Specifically, the brief offers several policy reasons why the U.S. Court of Appeals should hear an interlocutory appeal of the District Court’s opinion that HOLA preemption no longer applies to a loan upon its sale or transfer to a non-FSA successor bank.
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