Text: H.R.1264 — 115th Congress (2017-2018)All Information (Except Text)

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Reported in House (08/03/2018)

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