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|
|Committee Reports:||H. Rept. 115-885|
|Latest Action:||House - 08/03/2018 Placed on the Union Calendar, Calendar No. 683. (All Actions)|
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Summary: H.R.1264 — 115th Congress (2017-2018)All Information (Except Text)
Reported to House with amendment(s) (08/03/2018)
Community Financial Institution Exemption Act
This bill amends the Consumer Financial Protection Act of 2010 to exempt certain financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau (CFPB). Specifically, the bill exempts from regulation 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.