The House Financial Services Committee advanced the following ICBA-supported bills:
Adjustable Interest Rate (LIBOR) Act: H.R. 4616, sponsored by Rep. Brad Sherman (D-Calif.), would provide a replacement benchmark rate that will go into effect when LIBOR is discontinued to address contracts with language that did not contemplate a permanent cessation of LIBOR.
Promoting New and Diverse Depository Institutions Act: H.R. 4590, sponsored by Rep. Jake Auchincloss (D-Mass.), would require federal banking regulators to conduct a joint study to assess the challenges faced by proposed depository institutions seeking de novo charters, including proposed minority depository institutions.