IB 
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 Con-
sumer 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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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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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Community Financial 
Institution Exemption Act’’. 
SEC. 2. EXEMPTION FOR CERTAIN FINANCIAL INSTITU-
TIONS. 
Section 1022(b) of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5512(b)) is amended— 
(1) in paragraph (3), by amending the heading 
to read as follows: ‘‘GENERAL EXEMPTIONS’’; 
(2) by redesignating paragraph (4) as para-
graph (5); and 
(3) by inserting after paragraph (3) the fol-
lowing: 
‘‘(4) SPECIFIC EXEMPTION FOR CERTAIN FINAN-
CIAL INSTITUTIONS.— 
‘‘(A) IN GENERAL.—An insured depository 
institution or credit union with less than 
$50,000,000,000 in consolidated assets shall be 
exempt from all rules and regulations issued by 
the Bureau. 
‘‘(B) EXCEPTION.—The Bureau may revoke 
an exemption provided under subparagraph (A) 
with respect to a specific rule or regulation and 
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a specific class of insured depository institutions 
or credit unions described in subparagraph (A) 
if— 
‘‘(i) the Bureau makes a detailed, writ-
ten finding that such class of insured depos-
itory institutions or credit unions described 
in subparagraph (A) has engaged in a pat-
tern or practice of activities that have been 
detrimental to the interests of consumers 
and are of a type that the specific rule or 
regulation is intended to address; 
‘‘(ii) the Bureau consults with the Fed-
eral banking agencies with respect to such 
revocation; and 
‘‘(iii) each Federal banking agency 
provides the Bureau with a written notice 
stating that the Federal banking agency 
agrees with such revocation. 
‘‘(C) EFFECTIVE DATE; EFFECT ON PRIOR 
RULES.— 
‘‘(i) EFFECTIVE
DATE.—This para-
graph shall take effect with respect to rules 
and regulations issued or modified after the 
date of enactment of this paragraph. 
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‘‘(ii) EFFECT ON PRIOR RULES.—This 
paragraph shall not prohibit the Bureau 
from modifying a rule or regulation issued 
prior to the date of enactment of this para-
graph with respect to insured depository in-
stitutions or credit unions described in sub-
paragraph (A) if the effect of such modifica-
tion is to expand a current exemption or to 
reduce the costs and the regulatory burden 
associated with complying with such rule or 
regulation. 
‘‘(D) 
FEDERAL
BANKING
AGENCY
DE-
FINED.—For purposes of this paragraph, the 
term ‘Federal banking agency’ means the Board 
of Governors, the Office of the Comptroller of the 
Currency, the Corporation, and the National 
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 insti-
tutions, 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 
of the Bureau of Consumer Financial protection 
for community financial institutions, and for 
other purposes. 
AUGUST 3, 2018 
Reported with amendments, committed to the Committee 
of the Whole House on the State of the Union, and or-
dered to be printed 
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22:07 Aug 03, 2018
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