S. 3502 · 116th Congress
Community Bank Regulatory Relief Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CramerSponsor5 cosponsors · 5 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill delays required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards). Specifically, no agency may require a person to comply with this standard with respect to a fiscal year beginning before December 31, 2024.
What it does: CRS summary · Introduced in Senate · Mar 16, 2020
Community Bank Regulatory Relief Act
This bill delays required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards). Specifically, no agency may require a person to comply with this standard with respect to a fiscal year beginning before December 31, 2024.
Additionally, the community bank leverage ratio is set at 8% for community banks seeking to satisfy simplified capital adequacy requirements. Currently, banking agencies are required to set the rate between 8% and 10% through rulemaking.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Community Bank Regulatory Relief Act
Latest action (Mar 16, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 16, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.