Community Financial Protection Act of 2015

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. Short title This Act may be cited as the Community Financial Protection Act of 2015 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. 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) (b) Reports (1) Definition In this subsection, the term publicly available information (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. .

Summary: Community Financial Protection Act of 2015 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.