H. Rept. 115-885 1 (2018-08-03)

handle is hein.congrecreports/crptxabpx0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
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                     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-
                        79-006

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