Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017

Bill 115 hr 3072, also known as the Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017, aims to amend the Consumer Financial Protection Act of 2010 to increase the threshold at which the Bureau of Consumer Financial Protection must examine depository institutions and credit unions.

Currently, the threshold for mandatory examination by the Bureau is set at $10 billion in total assets. This bill proposes to raise that threshold to $50 billion, meaning that depository institutions and credit unions with assets below $50 billion would no longer be subject to mandatory examination by the Bureau.

Proponents of the bill argue that raising the threshold would reduce regulatory burden on smaller financial institutions, allowing them to allocate resources more efficiently and better serve their customers. They also argue that it would enable the Bureau to focus its resources on larger institutions that pose a greater risk to consumers. Opponents of the bill, however, express concerns that raising the threshold could weaken consumer protection measures and potentially leave smaller institutions vulnerable to predatory practices. They argue that the Bureau should continue to examine all financial institutions, regardless of size, to ensure that consumers are adequately protected. Overall, the Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017 is a contentious piece of legislation that raises important questions about the balance between regulatory oversight and the needs of smaller financial institutions. It will be interesting to see how this bill progresses through Congress and what impact it may have on the financial industry and consumers.