In Thomas v. CitiMortgage, Inc., No. 12-40122-FDS, 2013 WL 4786060 (D. Mass. Sept. 5, 2013), the U.S. District Court for the District of Massachusetts recently addressed preemption under the Dodd-Frank Act. While the court found that the Dodd-Frank amendment limited the preemptive scope of the HOLA, it held that the amendment did not apply retroactively. Additionally, the court held, for the first time, that a bank that table-funds a loan is considered the original lender for the purposes of the HOLA preemption analysis that existed prior to Dodd-Frank's enactment. Plaintiff ...
The California Court of Appeal for the Second District, Division 4, concluded in Akopyan v. Wells Fargo Home Mortgage, Inc., 155Cal.Rptr.3d245 (Cal.App. 4th2013) that the Dodd-Frank amendments to the National Bank Act ("NBA") and the Home Owners Loan Act ("HOLA") are prospective, and do not apply retroactively to prior agreements. Thus, applying the authoritative pre-Dodd-Frank preemption provisions of NBA and HOLA, the court held that the plaintiffs' respective contract claims against two national banks were preempted by federal law. In two separately filed, but ...