Sec. 108. Escrow requirements relating to certain consumer credit transactions
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Section 129D of the Truth in Lending Act ( 15 U.S.C. 1639d ) is amended— in subsection (c)— by redesignating paragraphs
(1)through
(4)as subparagraphs
(A)through (D), respectively, and adjusting the margins accordingly; in the matter preceding subparagraph (A), as so redesignated, by striking The Board and inserting the following: The Bureau ; in paragraph (1), as so redesignated, by striking the Board each place that term appears and inserting the Bureau ; and by adding at the end the following: The Bureau shall, by regulation, exempt from the requirements of subsection
(a)any loan made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if— the insured depository institution or insured credit union has assets of $10,000,000,000 or less; during the preceding calendar year, the insured depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling; and the transaction satisfies the criteria in sections 1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and 1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or any successor regulation. ; and in subsection (i), by adding at the end the following: The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). .
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Sec. 108
Escrow requirements relating to certain consumer credit transactions
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