US Congress Senate Bill 2278 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on March 29 2012 - 25% progression, died in committee
Action: 2012-03-29 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

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

Sen. David Vitter [R-LA]

Date	Chamber	Action
2012-03-29	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SB1600 (Related) 2011-09-22 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/2278/all-info
Text	https://www.congress.gov/112/bills/s2278/BILLS-112s2278is.pdf