Community Financial Institution Exemption Act

“(4) Specific exemption for certain financial institutions

“(A) In general—An insured depository institution or credit union with less than $50,000,000,000 in consolidated assets shall be exempt from all rules and regulations issued by the Bureau.

“(B) Exception—The Bureau may revoke an exemption provided under subparagraph (A) with respect to a specific rule or regulation and a specific class of insured depository institutions or credit unions described in subparagraph (A) if—

“(i) the Bureau makes a detailed, written finding that such class of insured depository institutions or credit unions described in subparagraph (A) 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 address;

“(ii) the Bureau consults with the Federal banking agencies with respect to such revocation; and

“(iii) each Federal banking agency provides the Bureau with a written notice stating that the Federal banking agency agrees with such revocation.

“(C) Effective date; effect on prior rules

“(i) Effective date—This paragraph shall take effect with respect to rules and regulations issued or modified after the date of enactment of this paragraph.

“(ii) 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 insured depository institutions or credit unions described in subparagraph (A) 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 regulation.

“(D) Federal banking agency defined—For purposes of this paragraph, the term Federal banking agency means the Board of Governors, the Office of the Comptroller of the Currency, the Corporation, and the National Credit Union Administration.”