[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1264 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 683
115th CONGRESS
  2d Session
                                H. R. 1264

                          [Report No. 115-885]

  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

                           February 28, 2017

 Mr. Williams introduced the following bill; which was referred to the 
                    Committee on Financial Services

                             August 3, 2018

 Additional sponsors: Mr. Culberson, Mr. Babin, Mr. Poe of Texas, Mr. 
  Roe of Tennessee, Mr. Grothman, Mr. Latta, Mr. Smith of Texas, Mr. 
Marchant, Mr. Posey, Mr. Mitchell, Mr. Lucas, Mr. Young of Alaska, Mr. 
  Trott, Mr. Bergman, Mr. Hurd, Mr. Walberg, Mr. Brady of Texas, Mr. 
Pittenger, Mr. Carter of Texas, Mr. Tipton, Mr. Barton, Mr. Pearce, Mr. 
Ross, Mr. Olson, Mr. Ratcliffe, Mr. Upton, Mr. Bishop of Michigan, Mr. 
                Moolenaar, Mr. Sessions, and Ms. Granger

                             August 3, 2018

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
    [For text of introduced bill, see copy of bill as introduced on 
                           February 28, 2017]


_______________________________________________________________________

                                 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 CERTAIN 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 certain financial 
        institutions.--
                    ``(A) In general.--An insured depository 
                institution or credit union with less than 
                $50,000,000,000 in consolidated assets 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 insured depository institutions or credit unions 
                described in subparagraph (A) if--
                            ``(i) the Bureau makes a detailed, written 
                        finding that such class of insured depository 
                        institutions or credit unions described in 
                        subparagraph (A) 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;
                            ``(ii) the Bureau consults with the Federal 
                        banking agencies with respect to such 
                        revocation; and
                            ``(iii) each Federal banking agency 
                        provides the Bureau with a written notice 
                        stating that the Federal banking agency agrees 
                        with such revocation.
                    ``(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 insured depository institutions or 
                        credit unions described in subparagraph (A) 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) Federal banking agency defined.--For purposes 
                of this paragraph, the term `Federal banking agency' 
                means the Board of Governors, the Office of the 
                Comptroller of the Currency, the Corporation, and the 
                National Credit Union Administration.''.
            Amend the title so as to read: ``A bill to provide an 
        exemption from rules and regulations of the Bureau of Consumer 
        Financial Protection for certain financial institutions, and 
        for other purposes.''.
                                                 Union Calendar No. 683

115th CONGRESS

  2d Session

                               H. R. 1264

                          [Report No. 115-885]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                             August 3, 2018

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed