S. 2278 · 112th Congress
A bill to provide for an exemption for community banks to certain escrow requirements under the Truth in…
Full title
A bill to provide for an exemption for community banks to certain escrow requirements under the Truth in Lending Act, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VitterSponsorNo cosponsors.
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,…
What it does: CRS summary · Introduced in Senate · Mar 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to provide for an exemption for community banks to certain escrow requirements under the Truth in Lending Act, and for other purposes.
Latest action (Mar 29, 2012): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 29, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.