ICBA-supported legislation to enhance community bank access to capital was introduced in the Senate. The Community Bank Access to Capital Act of 2019 (S. 1233), introduced by Sen. Mike Rounds (R-S.D.), includes ICBA-advocated provisions to:
- exempt publicly held community banks with less than $5 billion in assets from the Sarbanes-Oxley Act’s internal control attestation requirements,
- exempt community banks with less than $5 billion in assets from the FDIC’s annual report on financial condition and management, and
- revise the SEC definitions of “accredited” and “non-accredited” investors to attract new investors.
Rounds has introduced similar ICBA-supported legislation in previous Congresses to help private and publicly traded banks raise much-needed capital. ICBA will continue working to advance these measures in Congress.