Creditors affected by the escrow requirement

On June 1, 2013, the Consumer Financial Protection Bureau’s Escrow Requirement will go into effect, The rule, which requires certain creditors to create escrow accounts for a minimum of five years for higher-priced mortgage loans (HPMLs), also exempts HPMLs made by certain small creditors that operate predominantly in rural or underserved counties from meeting this requirement.

CFPB takes on student loan affordability

Since 1990, the average price of college tuition has been increasing two to three times faster than the Consumer Price Index. According to the College Board, a public policy research organization focused on education issues, “Tuition and fees at public universities have surged almost 130 percent over the last 20 years—while middle class incomes have stagnated.”

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