II 112th CONGRESS 2d Session S. 2278 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.

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. .