Section 1 Short title
This Act may be cited as the “Reforming Finance for Local Economies Act”.
Reforming Finance for Local Economies Act
A BILL
To exempt certain financial institutions from regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Sec. 2 Exemption from regulations
Definition— In this section, the term financial institution means a bank, a credit union, or a savings association, as those terms are defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301), that has not more than $10,000,000,000 in total consolidated assets.
Exemption— No regulation issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) or any amendment made by that Act shall apply to a financial institution.