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.
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