FILES Act of 2015

Bill: 114-hr-3890
Sponsor: full_name: Rep. Clawson, Curt [R-FL-19]
Introduced: 2015-11-03
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Financial crises and stabilization

Housing finance and home ownership
Latest action: action_date: 2015-11-03
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-11-03
action_desc: Introduced in House
text: <p><b>Financial Institution Legislative Edict Simplification Act of 2015 or the FILES Act of 2015</b></p> <p>This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt from specified titles of the Act &quot;safe and sound financial institutions,&quot; including any depository institution, credit union, bank holding company, or savings and loan holding company having:</p> <ul> <li>total consolidated assets of less than $50 billion, and</li> <li>a composite CAMELS rating of 1 or 2 under the Uniform Financial Institutions Rating System (or under an equivalent rating under a comparable rating system) as of the entity's most recent examination. </li> </ul> <p>A CAMELS rating assesses a bank's capital adequacy, assets, management capability, earnings, liquidity, and sensitivity.</p> <p>The bill exempts such institutions from the titles of the Act that address:</p> <ul> <li>financial stability; </li> <li>orderly liquidation authority; </li> <li>improvements to regulation of bank and savings association holding companies and depository institutions; and </li> <li>mortgage reform and anti-predatory lending.</li> </ul>

tv_txt: I 114th CONGRESS 1st Session H. R. 3890 IN THE HOUSE OF REPRESENTATIVES November 3, 2015 Mr. Clawson of Florida introduced the following bill; which was referred to the Committee on Financial Services A BILL To exempt safe and sound depository institutions, credit unions, and depository institution holding companies from certain titles of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and for other purposes.

1. Short title This Act may be cited as the Financial Institution Legislative Edict Simplification Act of 2015 or the FILES Act of 2015 . 2. Exemptions for safe and sound institutions The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended— (1) by inserting after section 6 the following: 7. Exemptions for safe and sound institutions (a) Safe and sound institution defined For purposes of this section, the term safe and sound institution means a depository institution, credit union, bank holding company, or savings and loan holding company that— (1) has total consolidated assets of less than $50,000,000,000; and (2) has a composite CAMEL rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) as of the entity’s most recent examination. (b) Exemptions The following provisions of law shall not apply to a safe and sound institution: (1) Title I of this Act, and any amendments made by such title. (2) Title II of this Act, and any amendments made by such title. (3) Title VI of this Act, and any amendments made by such title. (4) Title XIV of this Act, and any amendments made by such title. ; and (2) in the table of contents in section 1(b), by inserting after the item relating to section 6 the following: Sec. 7. Exemption for safe and sound institutions. .