To provide an exemption from rules and regulations of the Bureau of Consumer Financial protection for community financial institutions, and for other purposes.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 25.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-885.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-885.
Placed on the Union Calendar, Calendar No. 683.
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