II 

114TH CONGRESS 

1ST SESSION S. 726 

To establish the prudential regulator of community and independent depository institutions as the conduit and arbiter of all Federal financial 

oversight, examination, and reporting. 

IN THE SENATE OF THE UNITED STATES 

MARCH 12, 2015 

Mr. COATS introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To establish the prudential regulator of community and independent depository institutions as the conduit and arbiter 

of all Federal financial oversight, examination, and reporting. 

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 Protection Act of 2015’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


emcdonald on DSK67QTVN1PROD with BILLS
2 

•S 726 IS

1 (1) On October 3, 2013, Jerome H. Powell, 

2 member of the Board of Governors of the Federal 

3 Reserve System, told the Conference of State Bank 

4 Supervisors that ‘‘community bankers, who played 

5 no part in causing the financial crisis, have been 

6 forced to fight to ensure that they are not swept up 

7 in the torrent of costly new regulations’’. 

8 (2) The profitability, and even survival, of cred9 it unions and community and independent depository 

10 institutions is threatened by the material rise in 

11 costs of compliance, which are largely driven by re12 sources and personnel necessary to interact with a 

13 greater number of Federal regulators and respond to 

14 an ever-growing list of required reports and special 

15 data requests. 

16 SEC. 3. PRUDENTIAL REGULATOR AS CONDUIT FOR RE17 PORT REQUESTS. 

18 Section 1026(b) of the Consumer Financial Protec19 tion Act of 2010 (12 U.S.C. 5516(b)) is amended to read 

20 as follows: 

21 ‘‘(b) REPORTS.— 

22 ‘‘(1) DEFINITION.—In this subsection, the term 

23 ‘publicly available information’ means— 

24 ‘‘(A) a Report of Condition and Income 

25 submitted to the Federal Deposit Insurance 


emcdonald on DSK67QTVN1PROD with BILLS
3 

•S 726 IS

1 Corporation or the Federal Financial Institu2 tions Examination Council; 

3 ‘‘(B) a Thrift Financial Report submitted 

4 to the Office of Thrift Supervision; 

5 ‘‘(C) a Financial Performance Report sub6 mitted to the National Credit Union Adminis7 tration; or 

8 ‘‘(D) any report that is designated by the 

9 Federal Deposit Insurance Corporation, the 

10 Board of Governors of the Federal Reserve Sys11 tem, the Office of the Comptroller of the Cur12 rency, the Federal Financial Institutions Exam13 ination Council, or the National Credit Union 

14 Administration, as applicable, as a successor to 

15 any report described in subparagraph (A), (B), 

16 or (C). 

17 ‘‘(2) REQUESTS FOR REPORTS FROM PRUDEN18 TIAL REGULATORS.— 

19 ‘‘(A) IN GENERAL.—In order to minimize 

20 regulatory burden, the Director shall request 

21 reports through the prudential regulator from a 

22 person described in subsection (a), as necessary 

23 to— 


emcdonald on DSK67QTVN1PROD with BILLS
4 

•S 726 IS

1 ‘‘(i) support the role of the Bureau in 

2 implementing Federal consumer financial 

3 laws; 

4 ‘‘(ii) support examination activities of 

5 the Bureau under subsection (c); and 

6 ‘‘(iii) assess and detect risks to con7 sumers and consumer financial markets. 

8 ‘‘(B) INSTITUTION-SPECIFIC REQUESTS.— 

9 The Director may not make a request under 

10 subparagraph (A) for an industry-wide report 

11 or a report pertaining to 2 or more persons de12 scribed in subsection (a). 

13 ‘‘(C) PUBLICLY AVAILABLE INFORMA14 TION.—The Director may make a request under 

15 subparagraph (A) only if the Director makes a 

16 showing to the prudential regulator that pub17 licly available information pertaining to a per18 son described in subsection (a) is insufficient 

19 for the purposes described in clauses (i), (ii), 

20 and (iii) of subparagraph (A). 

21 ‘‘(D) DENIAL OF REQUESTS.—The pruden22 tial regulator may deny any request for a report 

23 or information made by the Director under sub24 paragraph (A). 

25 ‘‘(3) USE OF EXISTING REPORTS.— 


emcdonald on DSK67QTVN1PROD with BILLS
5 

•S 726 IS

1 ‘‘(A) IN GENERAL.—If a prudential regu2 lator determines to fulfill a request for a report 

3 made by the Director under paragraph (2), the 

4 prudential regulator shall, to the fullest extent 

5 possible, fulfill the request with reports per6 taining to a person described in subsection (a) 

7 that have been provided or are required to have 

8 been provided to a Federal or State agency. 

9 ‘‘(B) FULFILLING REPORT REQUESTS

10 THROUGH MULTIPLE SOURCES.—The Director 

11 shall accept existing reports in satisfaction of 

12 the requirements of this subsection in formats 

13 consistent with those submitted to the pruden14 tial regulator and Federal and State agencies, 

15 including multiple reports, if the prudential reg16 ulator has determined that the reports provide 

17 the information requested by the Director.’’. 

Æ 


emcdonald on DSK67QTVN1PROD with BILLS