A federal banking regulator is moving to block states from forcing national banks to pay interest on mortgage escrow accounts, in the latest fallout from a US Supreme Court decision that left open questions about preemption of state laws.
The Office of the Comptroller of the Currency issued a pair of proposals Tuesday that would override mortgage escrow account interest payment requirements currently in place in around a dozen states including New York.
The first proposal would allow national banks regulated by the OCC to determine their own business practices on mortgage escrow accounts, including whether to pay interest. The ...
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