United States 114th Congress Status: Died 1 R cosponsors

HR 3048 — Community Financial Institution Exemption Act

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Community Financial Institution Exemption Act Amends the Consumer Financial Protection Act of 2010 to exempt community financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau. Defines a "community financial institution" as an insured depository institution or credit union with less than $10 billion in consolidated assets. Authorizes the Bureau to: (1) revoke such an exemption with respect to a specific rule or regulation issued or modified after enactment of this Act and with respect to a specific class of community financial institutions if the Bureau finds that such class of institutions has engaged in a pattern or practice of activities that have been detrimental to the interests of consumers and that are of a type that the specific rule or regulation is intended to address, and (2) modify a rule or regulation issued before enactment of this Act with respect to such 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 regulation.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 3048 on the official United States source →

Action History

  1. Referred to the House Committee on Financial Services.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does HR 3048 do?
Community Financial Institution Exemption Act Amends the Consumer Financial Protection Act of 2010 to exempt community financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau. Defines a "community financial institution" as an insured depository institution or credit union with less than $10 billion in consolidated assets. Authorizes the Bureau to: (1) revoke such an exemption with respect to a specific rule or regulation issued or modified after enactment of this Act and with respect to a specific class of community financial institutions if the Bureau finds that such class of institutions has engaged in a pattern or practice of activities that have been detrimental to the interests of consumers and that are of a type that the specific rule or regulation is intended to address, and (2) modify a rule or regulation issued before enactment of this Act with respect to such 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 regulation.
Who sponsors HR 3048?
HR 3048 is sponsored by Roger Williams (R).
What is the current status of HR 3048?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3048?
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Last checked for changes about 13 hours ago · updated continuously

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