[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 726 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 726

  To establish the prudential regulator of community and independent 
   depository institutions as the conduit and arbiter of all Federal 
            financial oversight, examination, and reporting.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 12, 2015

   Mr. Coats introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To establish the prudential regulator of community and independent 
   depository institutions as the conduit and arbiter of all Federal 
            financial oversight, examination, and reporting.

    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 Protection Act 
of 2015''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) On October 3, 2013, Jerome H. Powell, member of the 
        Board of Governors of the Federal Reserve System, told the 
        Conference of State Bank Supervisors that ``community bankers, 
        who played no part in causing the financial crisis, have been 
        forced to fight to ensure that they are not swept up in the 
        torrent of costly new regulations''.
            (2) The profitability, and even survival, of credit unions 
        and community and independent depository institutions is 
        threatened by the material rise in costs of compliance, which 
        are largely driven by resources and personnel necessary to 
        interact with a greater number of Federal regulators and 
        respond to an ever-growing list of required reports and special 
        data requests.

SEC. 3. PRUDENTIAL REGULATOR AS CONDUIT FOR REPORT REQUESTS.

    Section 1026(b) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5516(b)) is amended to read as follows:
    ``(b) Reports.--
            ``(1) Definition.--In this subsection, the term `publicly 
        available information' means--
                    ``(A) a Report of Condition and Income submitted to 
                the Federal Deposit Insurance Corporation or the 
                Federal Financial Institutions Examination Council;
                    ``(B) a Thrift Financial Report submitted to the 
                Office of Thrift Supervision;
                    ``(C) a Financial Performance Report submitted to 
                the National Credit Union Administration; or
                    ``(D) any report that is designated by the Federal 
                Deposit Insurance Corporation, the Board of Governors 
                of the Federal Reserve System, the Office of the 
                Comptroller of the Currency, the Federal Financial 
                Institutions Examination Council, or the National 
                Credit Union Administration, as applicable, as a 
                successor to any report described in subparagraph (A), 
                (B), or (C).
            ``(2) Requests for reports from prudential regulators.--
                    ``(A) In general.--In order to minimize regulatory 
                burden, the Director shall request reports through the 
                prudential regulator from a person described in 
                subsection (a), as necessary to--
                            ``(i) support the role of the Bureau in 
                        implementing Federal consumer financial laws;
                            ``(ii) support examination activities of 
                        the Bureau under subsection (c); and
                            ``(iii) assess and detect risks to 
                        consumers and consumer financial markets.
                    ``(B) Institution-specific requests.--The Director 
                may not make a request under subparagraph (A) for an 
                industry-wide report or a report pertaining to 2 or 
                more persons described in subsection (a).
                    ``(C) Publicly available information.--The Director 
                may make a request under subparagraph (A) only if the 
                Director makes a showing to the prudential regulator 
                that publicly available information pertaining to a 
                person described in subsection (a) is insufficient for 
                the purposes described in clauses (i), (ii), and (iii) 
                of subparagraph (A).
                    ``(D) Denial of requests.--The prudential regulator 
                may deny any request for a report or information made 
                by the Director under subparagraph (A).
            ``(3) Use of existing reports.--
                    ``(A) In general.--If a prudential regulator 
                determines to fulfill a request for a report made by 
                the Director under paragraph (2), the prudential 
                regulator shall, to the fullest extent possible, 
                fulfill the request with reports pertaining to a person 
                described in subsection (a) that have been provided or 
                are required to have been provided to a Federal or 
                State agency.
                    ``(B) Fulfilling report requests through multiple 
                sources.--The Director shall accept existing reports in 
                satisfaction of the requirements of this subsection in 
                formats consistent with those submitted to the 
                prudential regulator and Federal and State agencies, 
                including multiple reports, if the prudential regulator 
                has determined that the reports provide the information 
                requested by the Director.''.
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