S.2278 - A bill to provide for an exemption for community banks to certain escrow requirements under the Truth in Lending Act, and for other purposes.112th Congress (2011-2012)
|Sponsor:||Sen. Vitter, David [R-LA] (Introduced 03/29/2012)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||03/29/2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.2278 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (03/29/2012)
Amends the Truth in Lending Act with respect to the requirement that a creditor, in connection with the consummation of a consumer credit transaction secured by a first lien on the consumer's principal dwelling (other than under an open end credit plan or a reverse mortgage) establish an escrow or impound account for the payment of taxes, hazard insurance, and specified other insurance premiums, if any.
Directs the Consumer Financial Protection Bureau (CFPB) to exempt from this escrow or impound account requirement any loan secured by a first lien on a consumer's principal dwelling if the loan is held by a smaller insured depository institution having assets of $10 billion or less.