[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3048 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 3048

  To provide an exemption from rules and regulations of the Bureau of 
Consumer Financial protection for community financial institutions, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2015

Mr. Williams (for himself and Mr. Lucas) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To provide an exemption from rules and regulations of the Bureau of 
Consumer Financial protection for community financial institutions, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Financial Institution 
Exemption Act''.

SEC. 2. EXEMPTION FOR COMMUNITY FINANCIAL INSTITUTIONS.

    Section 1022(b) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5512(b)) is amended--
            (1) in paragraph (3), by amending the heading to read as 
        follows: ``General exemptions'';
            (2) by redesignating paragraph (4) as paragraph (5); and
            (3) by inserting after paragraph (3) the following:
            ``(4) Specific exemption for community financial 
        institutions.--
                    ``(A) In general.--Community financial institutions 
                shall be exempt from all rules and regulations issued 
                by the Bureau.
                    ``(B) Exception.--The Bureau may revoke an 
                exemption provided under subparagraph (A) with respect 
                to a specific rule or regulation and a specific class 
                of community financial institutions if the Bureau makes 
                a detailed, written finding that such class of 
                community financial institutions has engaged in a 
                pattern or practice of activities that have been 
                detrimental to the interests of consumers and are of a 
                type that the specific rule or regulation is intended 
                to address.
                    ``(C) Effective date; effect on prior rules.--
                            ``(i) Effective date.--This paragraph shall 
                        take effect with respect to rules and 
                        regulations issued or modified after the date 
                        of enactment of this paragraph.
                            ``(ii) Effect on prior rules.--This 
                        paragraph shall not prohibit the Bureau from 
                        modifying a rule or regulation issued prior to 
                        the date of enactment of this paragraph with 
                        respect to community financial institutions if 
                        the effect of such modification is to expand a 
                        current exemption or to reduce the costs and 
                        the regulatory burden associated with complying 
                        with such rule or regulation.
                    ``(D) Definition.--For purposes of this paragraph, 
                the term `community financial institution' means an 
                insured depository institution or credit union with 
                less than $10,000,000,000 in consolidated assets.''.
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