State regulators and consumer advocates are pushing back against two proposals from the Office of the Comptroller of the Currency (OCC) that would expand banks’ authority over escrow accounts and assert that federal law preempts state rules that govern these accounts. 

In a joint letter, the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) said the proposals exceed the OCC’s “authority, ignore legal precedent, and would benefit national banks at the expense of homeowners.”

The National Consumer Law Center (NCLC) echoed these concerns, warning that the proposals would reduce details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com