Community Bank Sensible Regulation Act of 2015

Summary: Community Bank Sensible Regulation Act of 2015  This bill amends the following Acts governing insured depository institutions to authorize the respective regulatory agencies to exempt from their regulatory purview depository institutions having less than $10 billion in total assets after the agencies have considered specified factors:  the Federal Deposit Insurance Act (insured depository institutions), the Revised Statutes (national banks), the Home Owners' Loan Act (savings associations, savings and loan holding companies, and mutual holding company), the Federal Reserve Act (state member banks), and the Bank Holding Company Act of 1956 (bank holding companies).   When issuing an exemption from a provision or rule the regulatory agencies must consider the extent to which:  the provision or rule would impose an unnecessary or undue burden or cost on the depository institution; the provision or rule is unnecessary or unwarranted to promote the safety and soundness of the depository institution; and the exemption is necessary, appropriate, or consistent with the public interest.   The asset threshold of such depository institutions shall increase annually at a percentage equal to the percentage change in the total aggregate assets of insured depository institutions for each 12-month period ending in December of each year, rounded to the nearest $10 million.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Bank Sensible Regulation 
Act of 2015''.

SEC. 2. EXEMPTIVE AUTHORITY FOR THE FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is 
amended by adding at the end the following:
    ``(l) Exemptive Authority.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Corporation, after considering the factors in 
        paragraph (3), may exempt by rule any depository institution 
        having less than $10,000,000,000 in total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act 
                conferring authority to the Corporation.
            ``(2) Conditions.--The Corporation may impose conditions on 
        an exemption granted under paragraph (1).
            ``(3) Factors to consider.--In issuing an exemption under 
        paragraph (1), the Corporation shall consider, as appropriate, 
        the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the depository 
                institution;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted in order to promote the safety and 
                soundness of the depository institution; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(4) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (1) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.

SEC. 3. EXEMPTIVE AUTHORITY FOR THE OFFICE OF THE COMPTROLLER OF THE 
              CURRENCY.

    (a) Exemptive Authority for National Banks.--Section 5239A of the 
Revised Statutes is amended--
            (1) by striking ``Except'' and inserting the following:
    ``(a) In General.--Except''; and
            (2) by adding at the end the following:
    ``(b) Exemptive Authority.--
            ``(1) Definition.--In this subsection, the term `insured 
        depository institution' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Comptroller of the Currency, after considering the 
        factors in paragraph (4), may exempt by rule any national bank 
        having less than $10,000,000,000 in total assets from--
                    ``(A) any provision of this title;
                    ``(B) any rule promulgated under this title; or
                    ``(C) any rule promulgated under any other title or 
                Act that confers authority to the Comptroller.
            ``(3) Conditions.--The Comptroller may impose conditions on 
        an exemption granted under paragraph (2).
            ``(4) Factors to consider.--In issuing an exemption under 
        paragraph (2), the Comptroller shall consider, as appropriate, 
        the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the national 
                bank;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted to promote the safety and soundness of the 
                national bank; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (1) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.
    (b) Exemptive Authority for Savings Associations.--Section 4(a) of 
the Home Owners' Loan Act (12 U.S.C. 1463(a)) is amended by adding at 
the end the following:
            ``(4) Exemptive authority.--
                    ``(A) Definition.--In this paragraph, the term 
                `insured depository institution' has the meaning given 
                the term in section 3 of the Federal Deposit Insurance 
                Act (12 U.S.C. 1813).
                    ``(B) Exemption.--Notwithstanding any other 
                provision of law, the Comptroller of the Currency, 
                after considering the factors in subparagraph (D), may 
                exempt by rule any savings association having less than 
                $10,000,000,000 in total assets from--
                            ``(i) any provision of this title;
                            ``(ii) any rule promulgated under this 
                        title; or
                            ``(iii) any rule promulgated under any 
                        other title or Act conferring authority on the 
                        Comptroller.
                    ``(C) Conditions.--The Comptroller may impose 
                conditions on an exemption granted under subparagraph 
                (B).
                    ``(D) Factors to consider.--In issuing an exemption 
                under subparagraph (B), the Comptroller shall consider, 
                as appropriate, the extent to which--
                            ``(i) the provision or rule would impose an 
                        unnecessary or undue burden or cost on the 
                        savings association;
                            ``(ii) the provision or rule is unnecessary 
                        or unwarranted to promote the safety and 
                        soundness of the savings association; and
                            ``(iii) the exemption is necessary, 
                        appropriate, or consistent with the public 
                        interest.
                    ``(E) Indexation of asset threshold.--The asset 
                threshold identified in subparagraph (B) shall be 
                increased annually at a percentage equal to the 
                percentage change in the total aggregate assets of 
                insured depository institutions for each 12-month 
                period ending in December of each year, rounded to the 
                nearest $10,000,000.''.

SEC. 4. EXEMPTIVE AUTHORITY FOR THE BOARD OF GOVERNORS OF THE FEDERAL 
              RESERVE SYSTEM.

    (a) Exemptive Authority for State Member Banks.--Section 11 of the 
Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the 
following:
    ``(t) Exemptive Authority.--
            ``(1) Definition.--In this section, the term `insured 
        depository institution' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Board, after considering the factors in paragraph (4), 
        may exempt by rule any State member bank having less than 
        $10,000,000,000 in total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act 
                conferring authority on the Board.
            ``(3) Conditions.--The Board may impose conditions on an 
        exemption granted under paragraph (2).
            ``(4) Factors to consider.--In issuing an exemption under 
        paragraph (2), the Board shall consider, as appropriate, the 
        extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the State member 
                bank;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted to promote the safety and soundness of the 
                State member bank; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.''.
            ``(5) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (2) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.
    (b) Exemptive Authority for Bank Holding Companies.--The Bank 
Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended by 
adding at the end the following:

``SEC. 15. EXEMPTIVE AUTHORITY.

    ``(a) Definition.--In this section, the term `insured depository 
institution' has the meaning given the term in section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813).
    ``(b) Exemption.--Notwithstanding any other provision of law, the 
Board, after considering the factors in subsection (d), may exempt by 
rule any bank holding company having less than $10,000,000,000 in total 
assets from--
            ``(1) any provision of this Act;
            ``(2) any rule promulgated under this Act; or
            ``(3) any rule promulgated under any other Act conferring 
        authority on the Board.
    ``(c) Conditions.--The Board may impose conditions on an exemption 
granted under subsection (b).
    ``(d) Factors To Consider.--In issuing an exemption under 
subsection (b), the Board shall consider, as appropriate, the extent to 
which--
            ``(1) the provision or rule would impose an unnecessary or 
        undue burden or cost on the bank holding company;
            ``(2) the provision or rule is unnecessary or unwarranted 
        to promote the safety and soundness of the bank holding 
        company; and
            ``(3) the exemption is necessary, appropriate, or 
        consistent with the public interest.
    ``(e) Indexation of Asset Threshold.--The asset threshold 
identified in subsection (b) shall be increased annually at a 
percentage equal to the percentage change in the total aggregate assets 
of insured depository institutions for each 12-month period ending in 
December of each year, rounded to the nearest $10,000,000.''.
    (c) Exemptive Authority for Savings and Loan Holding Companies and 
Mutual Holding Companies.--Section 10 of the Home Owners' Loan Act (12 
U.S.C. 1467a) is amended by adding at the end the following:
    ``(u) Exemptive Authority.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `insured depository institution' has 
                the meaning given the term in section 3 of the Federal 
                Deposit Insurance Act (12 U.S.C. 1813); and
                    ``(B) the term `mutual holding company' has the 
                meaning given the term in subsection (o)(10)(A).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Board, after considering the factors in paragraph (4), 
        may exempt by rule any savings and loan holding company or any 
        mutual holding company having less than $10,000,000,000 in 
        total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act 
                conferring authority on the Board.
            ``(3) Conditions.--The Board may impose conditions on an 
        exemption granted under paragraph (2).
            ``(4) Factors to consider.--In issuing an exemption under 
        paragraph (2), the Board shall consider the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the savings and 
                loan holding company or the mutual holding company;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted to promote the safety and soundness of the 
                savings and loan holding company or the mutual holding 
                company; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Limitation.--The authority granted under paragraph 
        (2) shall not apply with respect to a savings and loan holding 
        company described in subsection (c)(9)(C).
            ``(6) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (2) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.