Community Financial Institution Exemption Act

[AI summary unavailable — showing source text] Community Financial Institution Exemption Act This bill 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 (CFPB). A "community financial institution" is an insured depository institution or credit union with less than $50 billion in consolidated assets. Under specified circumstances, and with the written agreement of the Federal Reserve Board and other specified federal banking agencies, the CFPB may revoke such an exemption with respect to a certain rule or regulation and a specific class of institutions.…