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

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · 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.

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People & committees

Who introduced it

Sen. Vitter, David [R-LA] · R–LA

Committees

Banking, Housing, and Urban Affairs Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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Mar 29, 2012
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 29, 2012
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Mar 29, 2012 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

S 1600 · Communities First Act

Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.

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Objective

Analyze S.2278 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/2278

Text version to examine: Introduced in Senate · 2012-03-29.

Official full text: https://www.congress.gov/112/bills/s2278/BILLS-112s2278is.htm

Imported record last updated by the source: 2025-01-14T18:20:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.2278 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.2278 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

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

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/2278

Text version to examine: Introduced in Senate · 2012-03-29.

Official full text: https://www.congress.gov/112/bills/s2278/BILLS-112s2278is.htm

Imported record last updated by the source: 2025-01-14T18:20:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2278 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.2278 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

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

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/2278

Text version to examine: Introduced in Senate · 2012-03-29.

Official full text: https://www.congress.gov/112/bills/s2278/BILLS-112s2278is.htm

Imported record last updated by the source: 2025-01-14T18:20:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2278 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.2278 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

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

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/2278

Text version to examine: Introduced in Senate · 2012-03-29.

Official full text: https://www.congress.gov/112/bills/s2278/BILLS-112s2278is.htm

Imported record last updated by the source: 2025-01-14T18:20:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2278 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.