FILES Act of 2015

Financial Institution Legislative Edict Simplification Act of 2015 or the FILES Act of 2015

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt from specified titles of the Act "safe and sound financial institutions," including any depository institution, credit union, bank holding company, or savings and loan holding company having:

• total consolidated assets of less than $50 billion, and
• a composite CAMELS rating of 1 or 2 under the Uniform Financial Institutions Rating System (or under an equivalent rating under a comparable rating system) as of the entity's most recent examination.

A CAMELS rating assesses a bank's capital adequacy, assets, management capability, earnings, liquidity, and sensitivity.

The bill exempts such institutions from the titles of the Act that address:

• financial stability;
• orderly liquidation authority;
• improvements to regulation of bank and savings association holding companies and depository institutions; and
• mortgage reform and anti-predatory lending.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3890 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3890

 To exempt safe and sound depository institutions, credit unions, and 
  depository institution holding companies from certain titles of the 
  Dodd-Frank Wall Street Reform and Consumer Protection Act, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 3, 2015

    Mr. Clawson of Florida introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To exempt safe and sound depository institutions, credit unions, and 
  depository institution holding companies from certain titles of the 
  Dodd-Frank Wall Street Reform and Consumer Protection Act, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Institution Legislative 
Edict Simplification Act of 2015'' or the ``FILES Act of 2015''.

SEC. 2. EXEMPTIONS FOR SAFE AND SOUND INSTITUTIONS.

    The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5301 et seq.) is amended--
            (1) by inserting after section 6 the following:

``SEC. 7. EXEMPTIONS FOR SAFE AND SOUND INSTITUTIONS.

    ``(a) Safe and Sound Institution Defined.--For purposes of this 
section, the term `safe and sound institution' means a depository 
institution, credit union, bank holding company, or savings and loan 
holding company that--
            ``(1) has total consolidated assets of less than 
        $50,000,000,000; and
            ``(2) has a composite CAMEL rating of 1 or 2 under the 
        Uniform Financial Institutions Rating System (or an equivalent 
        rating under a comparable rating system) as of the entity's 
        most recent examination.
    ``(b) Exemptions.--The following provisions of law shall not apply 
to a safe and sound institution:
            ``(1) Title I of this Act, and any amendments made by such 
        title.
            ``(2) Title II of this Act, and any amendments made by such 
        title.
            ``(3) Title VI of this Act, and any amendments made by such 
        title.
            ``(4) Title XIV of this Act, and any amendments made by 
        such title.''; and
            (2) in the table of contents in section 1(b), by inserting 
        after the item relating to section 6 the following:

``Sec. 7. Exemption for safe and sound institutions.''.
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