H.R. 1523 · 114th Congress
Community Bank Access to Capital Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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GarrettSponsor27 cosponsors · 2 D, 25 R
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Fitzpatrick
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Comstock
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Walz
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Marchant
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Hice0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill directs the Board of Governors of the Federal Reserve System to increase the asset threshold under the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors from less than $1 billion to less than $5 billion.
What it does: CRS summary · Introduced in House · Mar 23, 2015
Community Bank Access to Capital Act of 2015
This bill directs the Board of Governors of the Federal Reserve System to increase the asset threshold under the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors from less than $1 billion to less than $5 billion.
The Comptroller of the Currency, the Board, and the Federal Deposit Insurance Corporation (FDIC) shall exempt community banks from regulations implementing the International Regulatory Framework for Banks (Basel III), and, as they determine appropriate, to adjust the related capital requirements.
A community bank is defined as one whose consolidated assets are $50 billion or less.
The bill also exempts from the internal control attestation requirements of the Sarbanes-Oxley Act of 2002 both an insured depository institution and a depository institution holding company with consolidated assets of less than $1 billion.
Savings and loan associations meeting specified asset and equity security holder criteria shall be subject to security registration requirements.
The Securities and Exchange Commission (SEC) is prohibited from adjusting under Regulation D the $1 million net worth threshold and $200,000 and $300,000 income thresholds that define a natural person as an accredited investor.
The SEC shall increase from 35 to 70 the number of purchasers of securities in transactions deemed not to involve a public offering and so are exempt from regulation under the Securities Exchange Act of 1933.
The Securities Exchange Act of 1934 is amended to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Community Bank Access to Capital Act of 2015
Latest action (Mar 23, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 23, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.