View Rule

Prior to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Federal Reserve Board issued a rule requiring the establishment of escrow accounts for payment of property taxes and insurance payments for certain "higher priced mortgage loans,” a category which the Board defined to capture what it deemed to be subprime loans. Pursuant to the Dodd-Frank Act, the Bureau in 2013 issued a rule creating an exemption for certain creditors with under $2 billion in assets. The Economic Growth, Regulatory Relief, and Consumer Protection Act directs the Bureau to conduct a rulemaking to exempt certain creditors with assets of $10 billion or less.