In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Community Financial Protection Act
of 2014''.

SEC. 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.

SEC. 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)) is amended to read as follows:
''(b) Reports.--
''(1) Definition.--In this subsection, the term 'publicly
available information' means--
''(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.''.
Community Financial Protection Act of 2014 - 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.