Bill > S1799

This bill, the Community Bank Sensible Regulation Act of 2015, grants significant exemptive authority to federal banking regulators, including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve System, allowing them to exempt certain depository institutions from specific laws and regulations. Specifically, these regulators can exempt by rule any bank or savings association with less than $10 billion in total assets from provisions of existing laws, rules promulgated under those laws, or rules under other acts that grant them authority, provided they consider factors such as whether the regulation imposes an unnecessary burden, is unwarranted for safety and soundness, and if the exemption is in the public interest. The bill also mandates that the $10 billion asset threshold be adjusted annually to account for changes in the total aggregate assets of insured depository institutions, which are banks that accept deposits and are insured by the FDIC. This legislation aims to reduce regulatory burdens on smaller financial institutions.