A CFPB proposal to amend Regulation Z (implementing the Truth in Lending Act) to provide an exemption from establishing escrow accounts for higher-priced mortgage loans was published in the Federal Register.
The OCC proposed a rule to clarify when a national bank or federal savings association has made a loan and is considered to be the "true lender" in the "context of a partnership between a bank and a third party, such as a marketplace lender."
The FDIC requested information on whether a public/private standard-setting partnership and voluntary-certification program would benefit FDIC-supervised financial institutions seeking to employ new technologies.
At a hearing titled "Protecting Homeowners during the Pandemic: Oversight of Mortgage Servicers' Implementation of the CARES Act," the House Financial Services Subcommittee on Oversight and Investigations considered CARES Act mortgage servicer implementation issues and economic inequity.
A U.S. District Court denied the assertion by a national bank that a state law requiring the bank to pay interest on certain property-related escrow accounts was preempted by the National Bank Act and OCC regulations.
Federal Reserve Bank of New York Executive Vice President Daleep Singh reviewed the actions taken by the Federal Reserve Board to provide emergency credit and liquidity in order to safeguard the economy during the COVID-19 pandemic.