,,ii  #aacth ,,congress  #b;d ,session  
,s4 #bbdb  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #aj1    
#bjad,mr4 ,coats introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to establish the prudential    
regulator of community and independent  
depository institutions as the conduit  
and arbiter of all ,federal financial   
oversight1 examination1 and reporting4  
#a4 ,short title ,this ,act may be cited
 as the ,community ,financial           
,protection ,act of #bjad4  #b4         
,findings ,congress finds the following3
 7#a7 ,on ,october #c1 #bjac1 ,jerome   
,h4 ,powell1 member of the ,board of    
,governors of the ,federal ,reserve     
,system1 told the ,conference of ,state 
,bank ,supervisors that community       
bankers1 who played no part in causing  
the financial crisis1 have been forced  
to fight to ensure that they are not    
swept up in the torrent of costly new   

regulations4  7#b7 ,the profitability1  
and even survival1 of credit unions and 
community and independent depository    
institutions is threatened by the       
material rise in costs of compliance1   
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       
requests4  #c4 ,prudential regulator as 
conduit for report requests ,section    
#ajbf7;b7 of the ,consumer ,financial   
,protection ,act of #bjaj 7#ab ,u4,s4,c4
 #eeaf7;b77 is amended to read as       
follows3  7b7 ,reports  7#a7 ,definition
 ,in this subsection1 the term publicly 
available information means-- 7,a7 a    
,report of ,condition and ,income       
submitted to the ,federal ,deposit      
,insurance ,corporation or the ,federal 
,financial ,institutions ,examination   
,council2  7,b7 a ,thrift ,financial    
,report submitted to the ,office of     
,thrift ,supervision2  7,c7 a ,financial

 ,performance ,report submitted to the  
,national ,credit ,union                
,administration2 or  7,d7 any report    
that is designated by the ,federal      
,deposit ,insurance ,corporation1 the   
,board of ,governors of the ,federal    
,reserve ,system1 the ,office of the    
,comptroller of the ,currency1 the      
,federal ,financial ,institutions       
,examination ,council1 or the ,national 
,credit ,union ,administration1 as      
applicable1 as a successor to any report
 described in subparagraph 7,a71 7,b71  
or 7,c74  7#b7 ,requests for reports    
from prudential regulators  7,a7 ,in    
general ,in order to minimize regulatory
 burden1 the ,director shall request    
reports through the prudential regulator
 from a person described in subsection  
7a71 as necessary to-- 7i7 support the  
role of the ,bureau in implementing     
,federal consumer financial laws2  7ii7 
support examination activities of the   
,bureau under subsection 7c72 and  7iii7
 assess and detect risks to consumers   

and consumer financial markets4  7,b7   
,institution-specific requests ,the     
,director may not make a request under  
subparagraph 7,a7 for an industry-wide  
report or a report pertaining to #b or  
more persons described in subsection    
7a74  7,c7 ,publicly available          
information ,the ,director may make a   
request under subparagraph 7,a7 only if 
the ,director makes a showing to the    
prudential regulator that publicly      
available information pertaining to a   
person described in subsection 7a7 is   
insufficient for the purposes described 
in clauses 7i71 7ii71 and 7iii7 of      
subparagraph 7,a74  7,d7 ,denial of     
requests ,the prudential regulator may  
deny any request for a report or        
information made by the ,director under 
subparagraph 7,a74  7#c7 ,use of        
existing reports  7,a7 ,in general ,if a
 prudential regulator determines to     
fulfill a request for a report made by  
the ,director under paragraph 7#b71 the 
prudential regulator shall1 to the      

fullest extent possible1 fulfill the    
request with reports pertaining to a    
person described in subsection 7a7 that 
have been provided or are required to   
have been provided to a ,federal or     
,state agency4  7,b7 ,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       
agencies1 including multiple reports1 if
 the prudential regulator has determined
 that the reports provide the           
information requested by the ,director4 
4