[Congressional Record Volume 164, Number 41 (Thursday, March 8, 2018)]
[Senate]
[Page S1593]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2175. Mr. SASSE submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. COMMUNITY FINANCIAL INSTITUTION EXEMPTION.

       (a) Rulemaking Authority.--Section 1022(b)(3) of the 
     Consumer Financial Protection Act of 2010 (12 U.S.C. 
     5512(b)(3)) is amended--
       (1) in subparagraph (A), by striking ``may'' and inserting 
     ``shall''; and
       (2) in subparagraph (B)--
       (A) in the matter preceding clause (i), by striking``, as 
     appropriate,'';
       (B) in clause (ii), by striking ``and'' at the end;
       (C) in clause (iii), by striking the period at the end and 
     inserting ``and''; and
       (D) by adding at the end the following:
       ``(iv) whether any provision of this title, or any rule 
     issued under this title, would be unnecessary or unduly 
     burdensome for the class of covered persons.''.
       (b) Ensuring a Comprehensive Regulatory Review.--
       (1) In general.--Section 2222 of the Economic Growth and 
     Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) 
     is amended--
       (A) in subsection (a)--
       (i) by striking ``each appropriate Federal banking agency 
     represented on the Council'' and inserting ``each of the 
     Office of the Comptroller of the Currency, the Federal 
     Deposit Insurance Corporation, the Board of Governors of the 
     Federal Reserve System, and the Bureau of Consumer Financial 
     Protection as the Federal agency representatives on the 
     Council'';
       (ii) by striking ``any such appropriate Federal banking 
     agency'' and inserting ``any such Federal agency''; and
       (iii) by striking ``insured depository institutions'' and 
     inserting ``financial institutions'';
       (B) in subsections (b), (c), and (d), by striking ``the 
     appropriate Federal banking agency'' each place that term 
     appears and inserting ``the appropriate Federal agency 
     described in subsection (a)''; and
       (C) in subsection (e)--
       (i) in paragraph (1), by striking ``the appropriate Federal 
     banking agencies'' and inserting ``the appropriate Federal 
     agencies described in subsection (a)''; and
       (ii) in paragraph (2), by striking ``the appropriate 
     Federal banking agency'' and inserting ``the appropriate 
     Federal agency described in subsection (a)''.
       (2) Required regulatory review.--Not later than 1 year 
     after the date of enactment of this Act, the Bureau of 
     Consumer Financial Protection shall complete the review 
     required under section 2222 of the Economic Growth and 
     Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311), 
     complying with all the requirements under that section.
                                 ______