Posted By: J2C
Payment of Interest on Escrow Accounts - 04/11/06 06:11 PM
We are an OCC regulated bank in NY. We currently comply with NYS Banking Law, which require us to pay interest on escrow accounts. Someone in senior management does not think this is required because we are OCC regulated.
I thought that state law regardless of who you are regulated by supercedes other laws if the state requires more? Is this true?
If this is indeed the case, can you point me to a source that can help me? I need to find support other then what I have found so far...
Thanks,
Jenny
I thought that state law regardless of who you are regulated by supercedes other laws if the state requires more? Is this true?
If this is indeed the case, can you point me to a source that can help me? I need to find support other then what I have found so far...
Thanks,
Jenny