[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2278 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 2278

   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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                   IN THE SENATE OF THE UNITED STATES

                             March 29, 2012

  Mr. Vitter introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To provide for an exemption for community banks to certain escrow 
  requirements under the Truth in Lending Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ESCROW REQUIREMENTS EXEMPTION FOR COMMUNITY BANKS.

    Section 129D(c) of the Truth in Lending Act (15 U.S.C. 1639d(c)) is 
amended--
            (1) by redesignating paragraphs (1) through (4) as 
        subparagraphs (A) through (D), respectively, and moving the 
        margins 2 ems to the right;
            (2) by striking ``The Bureau'' and inserting the following:
            ``(1) In general.--The Bureau''; and
            (3) by adding at the end the following:
            ``(2) Treatment of loans held by smaller institutions.--The 
        Bureau shall, by regulation, exempt from the requirements of 
        subsection (a) any loan secured by a first lien on the 
        principal dwelling of a consumer, if such loan is held by an 
        insured depository institution having assets of $10,000,000,000 
        or less.''.
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