Community Financial Protection Act of 2014

Summary: Community Financial Protection Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to require the Director of the Consumer Financial Protection Bureau (CFPB) to request reports through the prudential regulator from a person that is either an insured depository institution or an insured credit union with total assets of $10 billion or less (persons). Prohibits the Director from making such requests for an industry-wide report, or for a report pertaining to two or more such persons.  Requires the Director, as a prerequisite to making such request, to make a showing to the prudential regulator that publicly available information pertaining to such person(s) is insufficient for the purposes of either: (1) supporting the role of the CFPB in implementing federal consumer financial laws; (2) supporting examination activities of the CFPB; or (3) risk assessment and detection concerning consumers and consumer financial markets. Authorizes the prudential regulator to deny any request for a report or information made by the Director with respect to such persons. Requires the prudential regulator who fulfills the Director's request for a report to do so with reports that have been furnished to a federal or state agency (or are required to have been furnished to a federal or state agency. Instructs the Director to accept existing reports in formats consistent with those submitted to the prudential regulator and federal and state agencies if the prudential regulator has determined that they provide the information requested.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Financial Protection Act 
of 2014''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) On October 3, 2013, Jerome H. Powell, member of the 
        Board of Governors of the Federal Reserve System, told the 
        Conference of State Bank Supervisors that ``community bankers, 
        who played no part in causing the financial crisis, have been 
        forced to fight to ensure that they are not swept up in the 
        torrent of costly new regulations''.
            (2) The profitability, and even survival, of credit unions 
        and community and independent depository institutions is 
        threatened by the material rise in costs of compliance, which 
        are largely driven by resources and personnel necessary to 
        interact with a greater number of Federal regulators and 
        respond to an ever-growing list of required reports and special 
        data requests.

SEC. 3. PRUDENTIAL REGULATOR AS CONDUIT FOR REPORT REQUESTS.

    Section 1026(b) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5516(b)) is amended to read as follows:
    ``(b) Reports.--
            ``(1) Definition.--In this subsection, the term `publicly 
        available information' means--
                    ``(A) a Report of Condition and Income submitted to 
                the Federal Deposit Insurance Corporation or the 
                Federal Financial Institutions Examination Council;
                    ``(B) a Thrift Financial Report submitted to the 
                Office of Thrift Supervision;
                    ``(C) a Financial Performance Report submitted to 
                the National Credit Union Administration; or
                    ``(D) any report that is designated by the Federal 
                Deposit Insurance Corporation, the Board of Governors 
                of the Federal Reserve System, the Office of the 
                Comptroller of the Currency, the Federal Financial 
                Institutions Examination Council, or the National 
                Credit Union Administration, as applicable, as a 
                successor to any report described in subparagraph (A), 
                (B), or (C).
            ``(2) Requests for reports from prudential regulators.--
                    ``(A) In general.--In order to minimize regulatory 
                burden, the Director shall request reports through the 
                prudential regulator from a person described in 
                subsection (a), as necessary to--
                            ``(i) support the role of the Bureau in 
                        implementing Federal consumer financial laws;
                            ``(ii) support examination activities of 
                        the Bureau under subsection (c); and
                            ``(iii) assess and detect risks to 
                        consumers and consumer financial markets.
                    ``(B) Institution-specific requests.--The Director 
                may not make a request under subparagraph (A) for an 
                industry-wide report or a report pertaining to 2 or 
                more persons described in subsection (a).
                    ``(C) Publicly available information.--The Director 
                may make a request under subparagraph (A) only if the 
                Director makes a showing to the prudential regulator 
                that publicly available information pertaining to a 
                person described in subsection (a) is insufficient for 
                the purposes described in clauses (i), (ii), and (iii) 
                of subparagraph (A).
                    ``(D) Denial of requests.--The prudential regulator 
                may deny any request for a report or information made 
                by the Director under subparagraph (A).
            ``(3) Use of existing reports.--
                    ``(A) In general.--If a prudential regulator 
                determines to fulfill a request for a report made by 
                the Director under paragraph (2), the prudential 
                regulator shall, to the fullest extent possible, 
                fulfill the request with reports pertaining to a person 
                described in subsection (a) that have been provided or 
                are required to have been provided to a Federal or 
                State agency.
                    ``(B) Fulfilling report requests through multiple 
                sources.--The Director shall accept existing reports in 
                satisfaction of the requirements of this subsection in 
                formats consistent with those submitted to the 
                prudential regulator and Federal and State agencies, 
                including multiple reports, if the prudential regulator 
                has determined that the reports provide the information 
                requested by the Director.''.