ICBA-Backed Escrow Relief Bill Gets Hearing

The House Subcommittee on Financial Institutions and Consumer Credit took up ICBA-supported legislation to provide needed regulatory relief for mortgage loans held and serviced by community banks. The Community Institution Mortgage Relief Act of 2017, introduced by Rep. Claudia Tenney (R-N.Y.), would exempt from mandatory escrow requirements mortgage loans held in portfolio by financial institutions with assets of $50 billion or less. The legislation reflects provisions of ICBA’s Plan for Prosperity platform.