Oct. 30, 2018 — ICBA commended the federal banking agencies for quickly implementing provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act via interim final rules. In separate comment letters, ICBA recognized agency rules extending eligibility for the 18-month examination cycle and the Federal Reserve’s policy statements for small bank and savings and loan holding companies.
In a joint interim final rule effective immediately, the agencies raised the qualifying asset threshold for the 18-month exam cycle from $1 billion to $3 billion, as authorized by the law. The Fed did the same for its policy statement while making conforming revisions to Regulations Q and Y to ensure the update applies immediately.
These policies, long advocated by ICBA as part of its Plan for Prosperity platform, were authorized with the signing of S. 2155 into law earlier this year. More information on the law is available in ICBA’s matrix on the law’s regulatory implementation and its “Passage of S. 2155” webpage.