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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46948 Judge Conner PLAINTIFFS SUED a savings and loan association, seeking declarations that federal law neither preempts nor precludes the applicability of state statutes requiring payment of interest on escrow accounts. Defendant claimed that regulations implemented by the Office of Thrift Supervision under the Home Owners Loan Act (HOLA) preempt those state statutes that require payment of interest on escrow funds because those regulations completely occupy the field of regulating federal savings associations and do not require interest payments without a written agreement. The court granted defendant’s motion to dismiss, ruling that the state escrow account interest statutes are preempted because the HOLA regulations occupy the entire field of governing federal loan associations. The court added that defendant’s failure to pay plaintiffs’ interest on their mortgage escrow accounts was not a taking because defendant, although a federally chartered savings and loan, was not a governmental actor.

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