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Union Calendar No. 683 

115TH CONGRESS 

2D SESSION H. R. 1264 

[Report No. 115–885] 

To provide an exemption from rules and regulations of the Bureau of Consumer Financial protection for community financial institutions, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 28, 2017 

Mr. WILLIAMS introduced the following bill; which was referred to the 

Committee on Financial Services 

AUGUST 3, 2018 

Additional sponsors: Mr. CULBERSON, Mr. BABIN, Mr. POE of Texas, Mr. 

ROE of Tennessee, Mr. GROTHMAN, Mr. LATTA, Mr. SMITH of Texas, 

Mr. MARCHANT, Mr. POSEY, Mr. MITCHELL, Mr. LUCAS, Mr. YOUNG of 

Alaska, Mr. TROTT, Mr. BERGMAN, Mr. HURD, Mr. WALBERG, Mr. 

BRADY of Texas, Mr. PITTENGER, Mr. CARTER of Texas, Mr. TIPTON, 

Mr. BARTON, Mr. PEARCE, Mr. ROSS, Mr. OLSON, Mr. RATCLIFFE, Mr. 

UPTON, Mr. BISHOP of Michigan, Mr. MOOLENAAR, Mr. SESSIONS, and 

Ms. GRANGER

AUGUST 3, 2018 

Reported with amendments, committed to the Committee of the Whole House 

on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on February 28, 2017] 


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•HR 1264 RH

A BILL 

To provide an exemption from rules and regulations of the 

Bureau of Consumer Financial protection for community 

financial institutions, and for other purposes. 


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•HR 1264 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Community Financial 

5 Institution Exemption Act’’. 

6 SEC. 2. EXEMPTION FOR CERTAIN FINANCIAL INSTITU7 TIONS. 

8 Section 1022(b) of the Consumer Financial Protection 

9 Act of 2010 (12 U.S.C. 5512(b)) is amended— 

10 (1) in paragraph (3), by amending the heading 

11 to read as follows: ‘‘GENERAL EXEMPTIONS’’; 

12 (2) by redesignating paragraph (4) as para13 graph (5); and 

14 (3) by inserting after paragraph (3) the fol15 lowing: 

16 ‘‘(4) SPECIFIC EXEMPTION FOR CERTAIN FINAN17 CIAL INSTITUTIONS.— 

18 ‘‘(A) IN GENERAL.—An insured depository 

19 institution or credit union with less than 

20 $50,000,000,000 in consolidated assets shall be 

21 exempt from all rules and regulations issued by 

22 the Bureau. 

23 ‘‘(B) EXCEPTION.—The Bureau may revoke 

24 an exemption provided under subparagraph (A) 

25 with respect to a specific rule or regulation and 


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1 a specific class of insured depository institutions 

2 or credit unions described in subparagraph (A) 

3 if— 

4 ‘‘(i) the Bureau makes a detailed, writ5 ten finding that such class of insured depos6 itory institutions or credit unions described 

7 in subparagraph (A) has engaged in a pat8 tern or practice of activities that have been 

9 detrimental to the interests of consumers 

10 and are of a type that the specific rule or 

11 regulation is intended to address; 

12 ‘‘(ii) the Bureau consults with the Fed13 eral banking agencies with respect to such 

14 revocation; and 

15 ‘‘(iii) each Federal banking agency 

16 provides the Bureau with a written notice 

17 stating that the Federal banking agency 

18 agrees with such revocation. 

19 ‘‘(C) EFFECTIVE DATE; EFFECT ON PRIOR

20 RULES.— 

21 ‘‘(i) EFFECTIVE DATE.—This para22 graph shall take effect with respect to rules 

23 and regulations issued or modified after the 

24 date of enactment of this paragraph. 


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1 ‘‘(ii) EFFECT ON PRIOR RULES.—This 

2 paragraph shall not prohibit the Bureau 

3 from modifying a rule or regulation issued 

4 prior to the date of enactment of this para5 graph with respect to insured depository in6 stitutions or credit unions described in sub7 paragraph (A) if the effect of such modifica8 tion is to expand a current exemption or to 

9 reduce the costs and the regulatory burden 

10 associated with complying with such rule or 

11 regulation. 

12 ‘‘(D) FEDERAL BANKING AGENCY DE13 FINED.—For purposes of this paragraph, the 

14 term ‘Federal banking agency’ means the Board 

15 of Governors, the Office of the Comptroller of the 

16 Currency, the Corporation, and the National 

17 Credit Union Administration.’’. 

Amend the title so as to read: ‘‘A bill to provide an 

exemption from rules and regulations of the Bureau of 

Consumer Financial Protection for certain financial institutions, and for other purposes.’’. 


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Union Calendar No. 683 

115TH CONGRESS 

2D SESSION H. R. 1264 

[Report No. 115–885] 

A BILL 

To provide an exemption from rules and regulations 

other purposes. for community financial institutions, and for of the Bureau of Consumer Financial protection 

AUGUST 3, 2018 

Reported with amendments, committed to the Committee 

dered to be printed of the Whole House on the State of the Union, and orVerDate Sep 11 2014 22:07 Aug 03, 2018 Jkt 079200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H1264.RH H1264

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