Congressman Williams’ Community Bank Bill Passes Financial Services Committee

WASHINGTON, DC – U.S. Congressman Roger Williams (R – Austin), who serves as a vice chair on the House Committee on Financial Services, introduced H.R. 1264, the Community Financial Institution Exemption Act, which passed out of the full committee on Thursday morning.

"Community banks and credit unions are suffering under the burdensome rulemaking of the Consumer Financial Protection Bureau (CFPB). Congress recognized the importance of not applying a one-size-fits-all approach to banks, which is why Section 1022 of Dodd-Frank allowed for the exemption of small institutions from new regulations based on size," said Rep. Williams. "However, the CFPB has failed to exercise the authority granted to them in statue. For this reason, I introduced H.R. 1264, the Community Financial Institution Exemption Act. My bill will enforce the intended purpose of Section 1022, and require the Bureau to exempt community financial institutions from CFPB rulemaking unless it makes a detailed, written finding with input from the appropriate federal banking agency."

Click here to watch Williams' discuss his bill during the Financial Services Committee markup on Wednesday.

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