Tag: real_estate_lending
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OCC Finalizes Rules on Escrow Accounts, Affirms Federal Preemption Over State Laws
The OCC finalized two rules on real estate escrow accounts, emphasizing federal preemption over state laws regarding interest payments and fees. This aims to reduce burden, increase lending, and provide clarity for banks.
BusinessPolitics and GovernmentFederal GovernmentState GovernmentsBankingLegalEconomy Office of the Comptroller of the CurrencyReal Estate LendingEscrow AccountsFederal PreemptionNational BanksFederal Savings AssociationsNew YorkOffice of the Comptroller of the Currency (OCC)
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OCC Codifies Bank Discretion for Real Estate Escrow Accounts
The OCC's new final rule clarifies national banks' and federal savings associations' powers to manage real estate lending escrow accounts. It grants them discretion over terms, fees, and customer compensation, applying to all community banks.
BusinessPolitics and GovernmentEconomyBankingLegalReal Estate Office of the Comptroller of the CurrencyReal Estate LendingEscrow AccountsNational BanksFederal Savings AssociationsCommunity BanksFinancial RegulationOffice of the Comptroller of the Currency (OCC)