Federal Reserve issues final rule and seeks comment on proposed revisions to escrow account requirements for home mortgage loans
By FRB -

WASHINGTON, D.C. – February 24, 2011 – (RealEstateRama) — The Federal Reserve Board on Wednesday issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.


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http://www.federalreserve.gov/

The seven members of the Board of Governors of the Federal Reserve System (FRB) are nominated by the President of the United States and confirmed by the U.S. Senate. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country," and no two Governors may come from the same Federal Reserve District.

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