States score win as Flagstar denied escrow rehearing
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The Conference of State Bank Supervisors celebrated a court's decision denying Flagstar Bank's request for a rehearing in an interest-on-escrow case. The Ninth Circuit upheld California's law, reaffirming the high bar for preemption set by the U.S. Supreme Court's Cantero ruling. The OCC's proposals favoring national banks have been criticized for undermining state laws that protect homeowners. Flagstar, which is no longer in mortgage servicing, sold its portfolio to Mr. Cooper, now part of Rocket Cos.
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