WASHINGTON, May 19 -- Office of the Comptroller of the Currency has issued a rule called: Preemption Determination: State Interest-on-Escrow Laws.
The rule was published in the Federal Register on May 19 by Jonathan V. Gould, Comptroller of the Currency.
Summary: The OCC is issuing a preemption determination concluding that Federal law preempts State laws that restrict OCC-regulated banks' flexibility to decide whether and to what extent to pay interest or other compensation on funds placed in real estate escrow accounts; or assess fees in connection with such accounts. This preemption determination will provide much-needed clarity to banks and other stakeholders.
For more information, contact Karen McSweeney, Special Counsel, Graham Ban...