OCC Proposes Federal Preemption to Clarify Escrow Account Rules for Banks

TLDR:  OCC codifies bank authority to manage escrow accounts and related fees. Federal preemption proposed over state interest-on-escrow laws in 12 states. Proposal allows banks discretion in paying interest or assessing escrow fees. Public comment period open to inform final federal escrow regulations. OCC Federal preemption is the focus of a new regulatory initiative addressing [...]

The post OCC Proposes Federal Preemption to Clarify Escrow Account Rules for Banks appeared first on Blockonomi.