ICBA Backs Senate Bill to Boost Capital

Jun 24, 2019

ICBA expressed strong support for legislation introduced by Sen. Mike Rounds (R-S.D.) to enhance community bank access to capital. The Community Bank Access to Capital Act of 2019 (S. 1233) includes ICBA-advocated provisions to:

  • exempt banks and bank holding companies with total consolidated assets less than $5 billion in assets from the Sarbanes-Oxley 404(b) 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, including providing audited financial statements and internal control attestations;
  • broaden the definition of “accredited investor” under SEC Regulation D so that the person’s primary residence can be included as an asset; and
  • raise the limit on the number of unaccredited investors under SEC Regulation D.

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.

Read ICBA Letter