Bureau of Consumer Financial Protection May 23, 2013 – Federal Register Recent Federal Regulation Documents

Amendments to the 2013 Escrows Final Rule under the Truth in Lending Act (Regulation Z)
Document Number: 2013-12125
Type: Rule
Date: 2013-05-23
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing clarifying and technical amendments to a final rule issued by the Bureau on January 10, 2013, which, among other things, lengthens the time for which a mandatory escrow account established for a higher- priced mortgage loan (HPML) must be maintained. The rule also established an exemption from the escrow requirement for certain creditors that operate predominantly in ``rural'' or ``underserved'' areas. The amendments clarify the determination method for the ``rural'' and ``underserved'' designations and keep in place certain existing protections for HPMLs until other similar provisions take effect in January 2014.