,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #eghf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #c1 #bjad    
,mr4 ,lank=d 7= himself & ,mr4 ,wel*7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d c]ta9 bank+ /atutes to 
exempt community banks f c]ta9          
regulatory requirem5ts1 to include a    
community bank repres5tative 9 !        
memb]%ip ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em1 to create a      
process = a c\nty to be designat$ z a   
rural area1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,small 
,f9ancial ,in/itutions ,regulatory      
,relief ,act ( #bjad4  #b4 ,c]ta9 loans 
includ$ z qualifi$ mortgages ,section   
#abi;,c7b77#b7 ( ! ,tru? 9 ,l5d+ ,act   
7#ae ,u4,s4,c4 #afci;c7b77#b77 is am5d$ 
by add+ at ! end ! foll[+3  7,f7 ,loans 
held on portfolio ,! t]m qualifi$       
mortgage includes a resid5tial mortgage 
loan made by a cr$itor hav+ less ?an    
#aj1jjj1jjj1jjj 9 total assets1 s long z

 su* loan is orig9at$ & reta9$ 9        
portfolio ( ! cr$itor = ! duration ( !  
loan t]m4  4  #c4 ,exemption f escr[    
requirem5ts = loans held by small       
cr$itors ,section #abi;,d7c7 ( ! ,tru? 9
 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;d7c77  
is am5d$--  7#a7 by r$esignat+ p>agraphs
 7#a71 7#b71 7#c71 & 7#d7 z subp>agraphs
 7,a71 7,b71 7,c71 & 7,d7 & mov+ su*    
subp>agraphs #b ems to ! "r2  7#b7 /rik+
 ,! ,bo>d & ins]t+ ! foll[+3  7#a7 ,9   
g5]al ,! ,bureau  2 &  7#c7 by add+ at !
 end ! foll[+3  7#b7 ,treatm5t ( loans  
held by small] cr$itors ,! ,bureau %all1
 by regulation1 exempt f ! requirem5ts (
 subsection 7a7 any loan secur$ by a    
fir/ li5 on a consum]'s pr9ciple dwell+1
 if su* loan is held by a cr$itor )     
assets ( less ?an #aj1jjj1jjj1jjj4  4   
#d4 ,increase 9 small s]vic] exemption  
,section #f ( ! ,real ,e/ate ,settlem5t 
,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4  
#bfje7 is am5d$ by add+ at ! end !      
foll[+3  7n7 ,small s]vic] exemption ,! 
,bureau %all1 by regulation1 provide    

exemptions to1 or adju/m5ts =1 !        
provisions ( ?is section = s]vic]s t    
s]vice #aj1jjj or few] mortgage loans1 9
 ord] to r$uce regulatory burd5s :ile   
appropriately balanc+ consum]           
protections4  4  #e4 ,exception to      
annual privacy notice requirem5t "u !   
,gramm-,lea*-,bliley ,act ,section #ejc 
( ! ,gramm-,lea*-,bliley ,act 7#ae      
,u4,s4,c4 #fhjc7 is am5d$ by add+ at !  
end ! foll[+3  7f7 ,exception to annual 
notice requirem5t ,a f9ancial in/itution
 t--  7#a7 provides nonpublic p]sonal   
in=mation only 9 accordance ) !         
provisions ( subsection 7b77#b7 or 7e7 (
 section #ejb or regulations prescrib$  
"u section #ejd7;b71 &  7#b7 has n *ang$
 its policies & practices ) reg>d to    
disclos+ nonpublic p]sonal in=mation f !
 policies & practices t 7 disclos$ 9 !  
mo/ rec5t disclosure s5t to consum]s 9  
accordance ) ?is subsection1  %all n be 
requir$ to provide an annual disclosure 
"u ?is subsection until su* "t z !      
f9ancial in/itution fails to comply )   

any crit]ia describ$ 9 p>agraph 7#a7 or 
7#b74  4  #f4 ,*anges requir$ to small  
bank hold+ company policy /atem5t on    
assessm5t ( f9ancial & manag]ial factors
  7a7 ,small bank hold+ company policy  
/atem5t on assessm5t ( f9ancial &       
manag]ial factors  7#a7 ,9 g5]al ,be=e !
 end ( ! #f-mon? p]iod beg9n+ on ! date 
( ! enactm5t ( ?is ,act1 ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 publi% 9 ! ,f$]al ,regi/] propos$      
revisions to ! ,small ,bank ,hold+      
,company ,policy ,/atem5t on ,assessm5t 
( ,f9ancial & ,manag]ial ,factors 7#ab  
,c4,f4,r4 "p #bbe--;app5dix ,c7 t       
provide t ! policy %all apply to a bank 
hold+ company :i* has pro =ma           
consolidat$ assets ( less ?an           
#e1jjj1jjj1jjj & t--  7,a7 is n engag$ 9
 any nonbank+ activities involv+        
significant lev]age2 &  7,b7 does n h a 
significant am\nt ( out/&+ debt t is    
held by ! g5]al public4  7#b7 ,adju/m5t 
( am\nt ,! ,bo>d ( ,gov]nors ( ! ,f$]al 
,res]ve ,sy/em %all annually adju/ !    

doll> am\nt ref]r$ to 9 p>agraph 7#a7 9 
! ,small ,bank ,hold+ ,company ,policy  
,/atem5t on ,assessm5t ( ,f9ancial &    
,manag]ial ,factors by an am\nt equal to
 ! p]c5tage increase1 = ! mo/ rec5t ye>1
 9 total assets held by all insur$      
depository in/itutions1 z det]m9$ by !  
,bo>d4  7b7 ,increase 9 debt-to-,equity 
ratio ( small bank hold+ company ,be=e !
 end ( ! #f-mon? p]iod beg9n+ on ! date 
( ! enactm5t ( ?is ,act1 ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 publi% 9 ! ,f$]al ,regi/] propos$      
revisions to ! ,small ,bank ,hold+      
,company ,policy ,/atem5t on ,assessm5t 
( ,f9ancial & ,manag]ial ,factors 7#ab  
,c4,f4,r4 "p #bbe--;app5dix ,c7 su* t ! 
debt-to-equity ratio all[able = a small 
bank hold+ company 9 ord] to rema9      
eligible to pay a corporate divid5d & to
 rema9 eligible = exp$it$ process+      
proc$ures "u ,regulation ,y ( ! ,bo>d ( 
,gov]nors ( ! ,f$]al ,res]ve ,sy/em w\ld
 increase f #a3a to #c3a4  #g4 ,memb]%ip
 ( ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 

,sy/em  7a7 ,inclusion ( a p]son )      
community bank exp]i5ce ,! fir/         
undesignat$ p>agraph ( section #aj ( !  
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bda7
 is am5d$ by ins]t+ aft] ! second s5t5ce
 ! foll[+3 ,! ,bo>d %all at all times h 
z a memb] at lea/ #a p]son ) demon/rat$ 
exp]i5ce work+ 9 or sup]vis+ community  
banks hav+ less ?an #aj1jjj1jjj1jjj 9   
total assets4  7b7 ,effective date ,!   
am5dm5t made by subsection 7a7 %all take
 effect on ! date ( enactm5t ( ?is ,act 
& apply to appo9tm5ts made on & aft] t  
effective date1 exclud+ any nom9ation   
p5d+ 9 ! ,s5ate on t date4  #h4         
,designation ( rural area  7a7          
,application ,n lat] ?an #ij days aft] !
 date ( ! enactm5t ( ?is ,act1 ! ,bureau
 ( ,consum] ,f9ancial ,protection %all  
e/abli% an application process "u :i* a 
p]son :o lives or does bus9ess 9 a ,/ate
 may1 ) respect to an area id5tifi$ by !
 p]son 9 su* ,/ate t has n be5 designat$
 by ! ,bureau z a rural area = purposes 
( a ,f$]al consum] f9ancial law 7z def9$

 "u section #ajjb ( ! ,consum] ,f9ancial
 ,protection ,act ( #bjaj71 apply = su* 
area to be s designat$4  7b7 ,evaluation
 ,crit]ia ,:5 evaluat+ an application   
submitt$ "u subsection 7a71 ! ,bureau   
%all take into consid]ation ! foll[+    
factors3  7#a7 ,crit]ia us$ by !        
,director ( ! ,bureau ( ! ,c5sus =      
classify+ geographical areas z rural or 
urban4  7#b7 ,crit]ia us$ by ! ,director
 ( ! ,(fice ( ,managem5t & ,budget to   
designate c\nties z metropolitan or     
micropolitan or nei!r4  7#c7 ,crit]ia   
us$ by ! ,secret>y ( ,agriculture to    
det]m9e prop]ty eligibility = rural     
developm5t programs4  7#d7 ,! ,dep>tm5t 
( ,agriculture rural-urban commut+ area 
codes4  7#e7 ,a writt5 op9ion provid$ by
 ! ,/ate's bank sup]visor1 z def9$ "u   
section #c7r7 ( ! ,f$]al ,deposit       
,insurance ,act 7#ab ,u4,s4,c4          
#ahac7r774  7#f7 ,population d5sity4    
7c7 ,public ,comm5t ,p]iod  7#a7 ,9     
g5]al ,n lat] ?an #fj days aft] receiv+ 
an application submitt$ "u subsection   

7a71 ! ,bureau %all--  7,a7 publi% su*  
application 9 ! ,f$]al ,regi/]2 &  7,b7 
make su* application available = public 
comm5t = n few] ?an #ij days4  7#b7     
,limitation on additional applications  
,no?+ 9 ?is section %all be con/ru$ to  
require ! ,bureau1 dur+ ! public comm5t 
p]iod ) respect to an application       
submitt$ "u subsection 7a71 to accept an
 additional application ) respect to !  
area t is ! subject ( ! initial         
application4  7d7 ,decision on          
,designation ,n lat] ?an #ij days aft] !
 end ( ! public comm5t p]iod "u         
subsection 7c77#a7 = an application1 !  
,bureau %all--  7#a7 grant or d5y su*   
application1 9 :ole or 9 "p2 &  7#b7    
publi% su* grant or d5ial 9 ! ,f$]al    
,regi/]1 along ) an explanation ( :at   
factors ! ,bureau reli$ on 9 mak+ su*   
det]m9ation4  7e7 ,subsequ5t            
,applications ,a decision by ! ,bureau  
"u subsection 7d7 to d5y an application 
= an area to be designat$ z a rural area
 %all n preclude ! ,bureau f accept+ a  

subsequ5t application submitt$ "u       
subsection 7a7 = su* area to be s       
designat$1 s long z su* subsequ5t       
application is made aft] ! end ( !      
#ij-;day p]iod beg9n+ on ! date t !     
,bureau d5ies ! application "u          
subsection 7d74