Section 1 Short title
This Act may be cited as the “Financial Institution Legislative Edict Simplification Act of 2015” or the “FILES Act of 2015”.
Financial Institution Legislative Edict Simplification Act of 2015
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.
Sec. 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—
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.”
in the table of contents in section 1(b), by inserting after the item relating to section 6 the following: