The New York Legislature is considering an amendment to New York’s Civil Practice Law and Rules (“CPLR”) that could allow judgment creditors to obtain an order from a New York court to force a bank with an office in New York to compel an overseas affiliate to turn over property or money that the affiliate is holding for a customer. The Clearing House submitted to the Legislature a memorandum in opposition to the amendment. The memorandum states that the amendment could subject banks and their affiliates to double liability, raises substantial issues under the U.S. Constitution, and will overburden NY courts.
You Might Also Be Interested In...
Amicus Briefs
BPI, Trades File Brief Supporting BofA Argument that National Law Preempts N.Y. Mortgage Escrow Rate Requirements
Amicus Briefs
BPI, Joint Trades File Amici Brief in Goldman Shareholder Class Action Case Before SCOTUS
Consumer Affairs
BPI Files Joint Amici Brief With Other Trades in California v. OCC Case on the OCC’s ‘Madden Fix’ Regulation
Amicus Briefs
BPI Submits Amicus Brief in Hymes v. Bank of America National Bank Act Preemption Case
More Posts by This Author
Bank Capital and Stress Testing
U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
Central Bank Digital Currency
BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy