The House Financial Services Committee passed ICBA-supported legislation to provide regulatory relief to certain community banks, with additional votes on ICBA-advocated legislation slated for today.
Committee Vote: During the first of two days of markups, the panel voted 53-1 to pass the Supervisory Modifications for Appropriate Risk-based Testing (SMART) Act of 2025 (H.R. 4437). Introduced by Reps. William Timmons (R-S.C.) and Bill Foster (D-Ill.), the bill would provide well-managed and well-capitalized financial institutions under $6 billion in assets with regulatory relief, such as alternating limited-scope exams and a combined safety-and-soundness exam and consumer compliance exam.
Markup Continues Today: The committee is scheduled to reconvene at 10 a.m. (Eastern time) today to continue the markup. The panel is also scheduled to take up:
The FDIC Board Accountability Act (H.R. 3446)—introduced by Rep. Bill Huizenga (R-Mich.)—which would require the appointment of a member of the FDIC board of directors with experience in small depository institutions.
The Tailored Regulatory Updates for Supervisory Testing (TRUST) Act of 2025 (H.R. 4478) from Reps. Tim Moore (R-N.C.) and Ritchie Torres (D-N.Y.), which would raise the consolidated asset threshold from $3 billion to $6 billion for banks to qualify for an 18-month examination cycle.
Rep. Monica De La Cruz’s (R-Texas) Bringing the Discount Window into the 21st Century Act (H.R. 3390), which would modernize the Federal Reserve's discount window lending programs to improve its effectiveness as a tool for managing liquidity risk.
ICBA View: ICBA urged the committee to pass these bills in a letter ahead of the markup. The regulatory reform bills align with ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.