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CFPB | RIN: 3170-AA83 | Publication ID: Spring 2021 |
Title: Higher-Priced Mortgage Loan Escrow Exemption | |
Abstract:
Prior to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Board of Governors of the Federal Reserve System (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 from the escrow requirement for creditors with under $2 billion in assets and meeting other criteria. Pursuant to section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), codified at 15 U.S.C. 1639d, the Bureau conducted a rulemaking to exempt from the escrow requirement loans made by certain creditors with assets of $10 billion or less and meeting other criteria. In anticipation of future rulemaking activity, the Bureau conducted a preliminary analysis of the number of lenders potentially impacted by implementation of section 108 of EGRRCPA. The Bureau released the analysis in late summer 2019 and it showed that a limited number of additional lenders would be exempt under section 108 of EGRRCPA once implemented by rule. The Bureau issued a Notice of Proposed Rulemaking in July 2020 and issued a final rule in early 2021. |
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Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1026 | |
Legal Authority: 15 U.S.C. 1601 et seq. |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.consumerfinance.gov/rules-policy/final-rules/higher-priced-mortgage-loan-escrow-exemption-regulation-z/ | |
RIN Data Printed in the FR: No | |
Agency Contact: Joseph Devlin Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700 |