WASHINGTON, April 29 -- Sen. Jack Reed issued the following press release:
In an effort to save consumers thousands of dollars and prevent the Trump Administration from providing a giveaway to big banks at homeowners' expense, U.S. Senator Jack Reed (D-RI) today led a letter to the head of the Office of the Comptroller of the Currency (OCC) (https://www.reed.senate.gov/imo/media/doc/42926lettertooccrepreemptiononmortgageescrowaccounts.pdf) urging the withdraw of recently proposed rules that could preempt state laws requiring banks to pay consumers interest on balances in mortgage-related escrow accounts, as well as the complementary proposed rule allowing national banks to "exercise flexibility in making business judgment as to the terms a...