,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #abfd  ,,in ,,the ,,house ,,of  
,,representatives  ,february #bh1       
#bjag,mr4 ,williams introduced the      
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to provide an exemption from
 rules and regulations of the ,bureau of
 ,consumer ,financial protection for    
community financial institutions1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,community ,financial ,institution      
,exemption ,act4  #b4 ,exemption for    
community financial institutions        
,section #ajbb7;b7 of the ,consumer     
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #eeab7;b77 is amended--  
7#a7 in paragraph 7#c71 by amending the 
heading to read as follows3 ,general    
exemptions2  7#b7 by redesignating      
paragraph 7#d7 as paragraph 7#e72 and   
7#c7 by inserting after paragraph 7#c7  
the following3  7#d7 ,specific exemption
 for community financial institutions   

7,a7 ,in general ,community financial   
institutions shall be exempt from all   
rules and regulations issued by the     
,bureau4  7,b7 ,exception ,the ,bureau  
may revoke an exemption provided under  
subparagraph 7,a7 with respect to a     
specific rule or regulation and a       
specific class of community financial   
institutions if-- 7i7 the ,bureau makes 
a detailed1 written finding that such   
class of community financial            
institutions has engaged in a pattern 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 address2  7ii7 the ,bureau consults  
with the ,federal banking agencies with 
respect to such revocation2 and  7iii7  
each ,federal banking agency provides   
the ,bureau with a written notice       
stating that the ,federal banking agency
 agrees with such revocation4  7,c7     
,effective date2 effect on prior rules  
7i7 ,effective date ,this paragraph     

shall take effect with respect to rules 
and regulations issued or modified after
 the date of enactment of this          
paragraph4  7ii7 ,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 paragraph with respect
 to community financial institutions if 
the effect of such modification is to   
expand a current exemption or to reduce 
the costs and the regulatory burden     
associated with complying with such rule
 or regulation4  7,d7 ,definitions ,for 
purposes of this paragraph3 7i7         
,community financial institution ,the   
term community financial institution    
means an insured depository institution 
or credit union with less than          
#ej1jjj1jjj1jjj in consolidated assets4 
7ii7 ,federal banking agency ,the term  
,federal banking agency means the ,board
 of ,governors1 the ,office of the      
,comptroller of the ,currency1 the      
,corporation1 and the ,national ,credit 

,union ,administration4  4