Political Quotes

“I also want to thank him for including in this bill section 7, rule of construction. This provision addresses the treatment of certain services and benefits provided by banks in connection with escrow accounts for real estate closing transactions. It makes certain that the current legal definition of interest and the existing legal treatment of real estate closing escrow transactions remain the same. Under current Federal law and regulations, particularly the Federal Reserve's regulation Q, banks may provide depositors with services and benefits, instead of interest. I originally asked that a similar provision be included in H.R. 974 in committee. My interest in the issue stems from my experiences handling real estate closings early in my legal career and seeing firsthand the importance of regulation Q. I am grateful that adjustments are being made in the current version, and that the bill is moving forward. Section 7 is especially important to title insurance companies, agents, and attorneys, who, like other businesses, often receive free or lower-cost bank services instead of interest on their real estate escrow accounts.”