The Supreme Court May Give Us Another 2008 Financial Crisis
The Supreme Court will soon decide on a case that could invalidate a host of state laws that protect consumers from abusive banking practices — which were originally put in place to prevent the kind of predatory lending that led to the 2008 financial crisis.

A view of the Supreme Court on September 27, 2018, in Washington, DC. (Drew Angerer / Getty Images)
The United States Supreme Court will soon decide on a case that could decimate consumer protections against abusive banking practices — potentially allowing banks to disregard state laws meant to prevent the kind of predatory lending that led to the 2008 financial crisis.
Legal experts say that the case, Cantero v. Bank of America, could invalidate a host of state laws that protect people from predatory lending, junk fees, and other financial scams. The case is ostensibly about a New York statute that forces banks to pay interest to consumers on certain mortgage accounts — but big banks are fighting for the court to rule they are exempt from that law and many others in states across America.
The banking lobby has thrown its weight behind the case alongside corporate-backed conservative legal groups and the US Chamber of Commerce, a powerful business trade group, all of whom have filed briefs supporting Bank of America. Supreme Court justices heard arguments for the case in February, and a ruling is expected potentially in a matter of weeks.