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U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-885
COMMUNITY FINANCIAL INSTITUTION EXEMPTION ACT
AUGUST 3, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 1264]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1264) to provide an exemption from rules and regulations
of the Bureau of Consumer Financial protection for community fi-
nancial institutions, and for other purposes, having considered the
same, report favorably thereon with amendments and recommend
that the bill as amended do pass.
The amendments are as follows:
Strike all after the enacting clause and insert the following:
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 sub-
paragraph (A) if-
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