Community Financial Institution Exemption Act
- Last Action
- 8/3/2018
Actions
- 2018-08-03Placed on the Union Calendar, Calendar No. 683.
- 2018-08-03Reported (Amended) by the Committee on Financial Services. H. Rept. 115-885.
- 2018-08-03Reported (Amended) by the Committee on Financial Services. H. Rept. 115-885.
- 2018-01-18Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 25.
- 2018-01-18Committee Consideration and Mark-up Session Held.
- 2018-01-17Committee Consideration and Mark-up Session Held.
- 2018-01-09Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
- 2017-02-28Referred to the House Committee on Financial Services.
- 2017-02-28Introduced in House
- 2017-02-28Introduced in House
CRS Summary
As of 2018-08-03 (17)
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.
Cosponsors (20)
- JOHN CULBERSON (R-TX)
- Brian Babin (R-TX)
- Ted Poe (R-TX)
- David Roe (R-TN)
- Glenn Grothman (R-WI)
- Robert Latta (R-OH)
- LAMAR SMITH (R-TX)
- Kenny Marchant (R-TX)
- Bill Posey (R-FL)
- Paul Mitchell (R-MI)
- FRANK LUCAS (R-OK)
- DON YOUNG (R-AK)
- David Trott (R-MI)
- Jack Bergman (R-MI)
- Will Hurd (R-TX)
- Tim Walberg (R-MI)
- KEVIN BRADY (R-TX)
- Robert Pittenger (R-NC)
- John Carter (R-TX)
- Scott Tipton (R-CO)
Subjects
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Consumer Financial Protection Bureau
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.