1. The exemption to community banks in this proposal would allow predatory lending practices that both take advantage of low income applicants and can create toxic debt with little chance of ever being repaid (as happened in the 2007 housing crisis). 2. The proposal delegates all oversight to the Federal reserve, an organization less equipped to handle the oversight necessary to keep banks from irresponsible behavior than the agencies currently given that power (the FDIC for example). It is a blatant attempt to roll back the smallest bit of reform a divided congress could muster post 2007 collapse, and that is not the will of the American people, who still feel taken advantage of by the financial powers that be.