ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

SEC. 108. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS. Section 129D of the Truth in Lending Act (15 U.S.C. 1639d) is amended— (1) in subsection (c)— (A) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly; (B) in the matter preceding subparagraph (A), as so redesignated, by striking “The Board” and inserting the following: “(1) In general.—The Bureau” ; (C) in paragraph (1), as so redesignated, by striking “the Board” each place that term appears and inserting “the Bureau”; and (D) 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 made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if— “(A) the insured depository institution or insured credit union has assets of $10,000,000,000 or less; “(B) 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 “(C) 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 (2) in subsection (i), by adding at the end the following: “(3) Insured credit union.—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). “(4) Insured depository institution.—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).” .