Bill > S1962

This bill, the Community Bank Access to Capital Act of 2017, aims to provide relief and promote access to capital for community banks. The key provisions of the bill are: 1. It directs federal banking regulators (the Office of the Comptroller of the Currency, Federal Reserve Board, and Federal Deposit Insurance Corporation) to exempt banks with assets up to $50 billion from certain international financial standards known as Basel III. 2. It amends the Sarbanes-Oxley Act to exempt depository institutions with assets up to $1 billion from the requirement to have their internal control reports attested to by an external auditor. 3. It requires the Securities and Exchange Commission to revise Regulation D to include a person's primary residence as an asset when calculating net worth, and to increase the limit on the number of purchasers of securities from 35 to 70. 4. It directs the Federal Reserve Board to increase the consolidated asset threshold for bank holding companies and savings and loan holding companies to qualify for the "small bank holding company" policy statement from $1 billion to $5 billion, provided they meet certain criteria. The overall purpose of the bill is to provide regulatory relief and greater access to capital for community banks, defined as insured depository institutions and their holding companies with assets up to $50 billion.

Housing and Urban Affairs

https://www.congress.gov/bill/115th-congress/senate-bill/1962/all-info