View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
FRS RIN: 7100-AD65 Publication ID: Spring 2011 
Title: ●Regulation Z--Escrow Requirements (Docket No. R-1406) 
Abstract: The Federal Reserve Board (Board) will publish in the Federal Register on March 2, 2011, a proposed rule that would amend Regulation Z (Truth in Lending) to implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Regulation Z currently requires creditors to establish escrow accounts for higher-priced mortgage loans secured by a first lien on a dwelling. The proposal would implement statutory changes made by the Dodd-Frank Act that lengthen the time for which a mandatory escrow account established for a higher-priced mortgage loan must be maintained. In addition, the proposal would implement the Act's disclosure requirements regarding escrow accounts. The proposal also would exempt certain loans from the statute's escrow requirement. The primary exemption would apply to mortgage loans extended by creditors that operate predominantly in rural or underserved areas, originate a limited number of mortgage loans, and do not maintain escrow accounts for any mortgage loans they service. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 226.2    12 CFR 226.19    12 CFR 226.20    12 CFR 226.34    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 12 USC 3806    15 USC 1604    15 USC 1637(c)(5)    15 USC 1639   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comment  06/00/2011    
Board Expects Further Action  07/00/2011    
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
Samantha Pelosi
Manager
Federal Reserve System
Division of Reserve Bank Operations and Payment Systems,
Phone:202 530-6292