S. 2278 (112th): A bill to provide for an exemption for community banks to certain escrow requirements under the Truth in Lending Act, and for other purposes.

Introduced:
Mar 29, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. David Vitter [R-LA]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on March 29, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 29, 2012
Referred to Committee Mar 29, 2012
Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated Mar 29, 2012.
2 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/29/2012--Introduced.
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.

House Republican Conference Summary

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No summary available.

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The bill contains the following citations to other parts of U.S. law:

United States Code

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