; 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; effect on prior rules (i) Effective date This paragraph shall take effect with respect to rules and regulations issued or modified after the date of enactment of this paragraph. (ii) Effect on prior rules This paragraph shall not prohibit the Bureau from modifying a rule or regulation issued prior to the date of enactment of this paragraph with respect to community financial institutions if the effect of such modification is to expand a current exemption or to reduce the costs and the regulatory burden associated with complying with such rule or regulation. (D) Definitions For purposes of this paragraph: (i) Community financial institution The term community financial institution means an insured depository institution or credit union with less than $50,000,000,000 in consolidated assets. (ii) Federal banking agency The term Federal banking agency means the Board of Governors, the Office of the Comptroller of the Currency, the Corporation, and the National Credit Union Administration. .