WASHINGTON—An updated version of the "Community Financial Institutions Act," which would raise the CFPB exemption for community financial institutions to $50 billion in consolidated assets, was introduced Tuesday by Rep. Roger Williams (R-TX).
Williams' legislation, HR 1264, would strengthen the Section 1022 exemption authority and require the CFPB to say explicitly, through making an affirmative finding, whether community institutions are being targeted by any new rules.
Williams is a member of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
NAFCU, which from the outset has opposed the CFPB having rulemaking authority over credit unions, said it continues to push the Bureau to use its Section 1022 authority under the Dodd-Frank Act to exempt credit unions from its rulemaking.