H.R.1264 - Community Financial Institution Exemption Act115th Congress (2017-2018) |
|Sponsor:||Rep. Williams, Roger [R-TX-25] (Introduced 02/28/2017)|
|Committees:||House - Financial Services|
|Latest Action:||House - 01/18/2018 Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 25. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1264 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/28/2017)
Community Financial Institution Exemption Act
This bill amends the Consumer Financial Protection Act of 2010 to exempt community financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau (CFPB). A "community financial institution" is an insured depository institution or credit union with less than $50 billion in consolidated assets.
Under specified circumstances, and with the written agreement of the Federal Reserve Board and other specified federal banking agencies, the CFPB may revoke such an exemption with respect to a certain rule or regulation and a specific class of institutions.