House Financial Services Committee Chairman French Hill (R-Ark.) and Subcommittee on Financial Institutions Chairman Andy Barr (R-Ky.) released a legislative package to support community banks—with ICBA joining the lawmakers to discuss the measure today.
Details: Among its provisions, the Main Street Capital Access Act (H.R. 6955) includes ICBA-supported provisions to:
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Tailor regulations to the lower risk profile of community banks.
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Ease excessive capital requirements.
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Support the formation of new community banks.
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Ensure fair reviews of agency examinations.
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Raise thresholds for holding custodial and reciprocal deposits.
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Require the appointment of an FDIC board member with experience in small depository institutions.
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Modernize the Federal Reserve's discount window lending programs.
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Offer relief at the holding company level.
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Promote bank-fintech partnerships.
Kickoff Event: ICBA President and CEO Rebeca Romero Rainey today is slated to join Hill and Barr at a House Financial Services Committee fireside chat at the U.S. Capitol in support of the act.
Bill: https://financialservices.house.gov/uploadedfiles/main_street_capital_access_act_text.pdf