1. Short title This Act may be cited as the Community Financial Institution Exemption Act . 2. Exemption for community financial institutions Section 1022(b) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b) ) is amended— (1) in paragraph (3), by amending the heading to read as follows: General exemptions ; (2) by redesignating paragraph (4) as paragraph (5); and (3) by inserting after paragraph (3) the following: (4) Specific exemption for community financial institutions (A) In general Community financial institutions shall be exempt from all rules and regulations issued by the Bureau. (B) Exception The Bureau may revoke an exemption provided under subparagraph (A) with respect to a specific rule or regulation and a specific class of community financial institutions if— (i) the Bureau makes a detailed, written finding that such class of community financial institutions has engaged in a pattern or practice of activities that have been detrimental to the interests of consumers and are of a type that the specific rule or regulation is intended to address; (ii) the Bureau consults with the Federal banking agencies with respect to such revocation; and (iii) each Federal banking agency provides the Bureau with a written notice stating that the Federal banking agency agrees with such revocation. (C) Effective date