S.Amdt. 2175

SA 2175. Mr. SASSE submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. COMMUNITY FINANCIAL INSTITUTION EXEMPTION.

(a) Rulemaking Authority.--Section 1022(b)(3) of the
Consumer Financial Protection Act of 2010 (12 U.S.C.
5512(b)(3)) is amended--
(1) in subparagraph (A), by striking ``may'' and inserting
``shall''; and
(2) in subparagraph (B)--
(A) in the matter preceding clause (i), by striking``, as
appropriate,'';
(B) in clause (ii), by striking ``and'' at the end;
(C) in clause (iii), by striking the period at the end and
inserting ``and''; and
(D) by adding at the end the following:
``(iv) whether any provision of this title, or any rule
issued under this title, would be unnecessary or unduly
burdensome for the class of covered persons.''.
(b) Ensuring a Comprehensive Regulatory Review.--
(1) In general.--Section 2222 of the Economic Growth and
Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311)
is amended--
(A) in subsection (a)--
(i) by striking ``each appropriate Federal banking agency
represented on the Council'' and inserting ``each of the
Office of the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, and the Bureau of Consumer Financial
Protection as the Federal agency representatives on the
Council'';
(ii) by striking ``any such appropriate Federal banking
agency'' and inserting ``any such Federal agency''; and
(iii) by striking ``insured depository institutions'' and
inserting ``financial institutions'';
(B) in subsections (b), (c), and (d), by striking ``the
appropriate Federal banking agency'' each place that term
appears and inserting ``the appropriate Federal agency
described in subsection (a)''; and
(C) in subsection (e)--
(i) in paragraph (1), by striking ``the appropriate Federal
banking agencies'' and inserting ``the appropriate Federal
agencies described in subsection (a)''; and
(ii) in paragraph (2), by striking ``the appropriate
Federal banking agency'' and inserting ``the appropriate
Federal agency described in subsection (a)''.
(2) Required regulatory review.--Not later than 1 year
after the date of enactment of this Act, the Bureau of
Consumer Financial Protection shall complete the review
required under section 2222 of the Economic Growth and
Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311),
complying with all the requirements under that section.
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