ICBA-advocated legislation to enhance community bank access to capital was introduced in the House. The Community Bank Access to Capital Act of 2017 (H.R. 4562), introduced by House Financial Services Committee members French Hill (R-Ark.) and David Scott (D-Ga.), includes several provisions from ICBA’s Plan for Prosperity to:
- exempt community banks with $50 billion or less in assets from the Basel III capital rules,
- exempt publicly held community banks with less than $1 billion in assets from the Sarbanes-Oxley Act’s internal control attestation requirements,
- raise the consolidated asset threshold under the Federal Reserve’s Small Bank Holding Company Policy Statement from $1 billion to $3 billion, and
- revise the Securities and Exchange Commission definition of “non-accredited” investors to attract new investors.
Companion legislation (S. 1962) was introduced in the Senate in October by Sen. Mike Rounds (R-S.D.) with Sen. Roy Blunt (R-Mo.) as an original cosponsor.