Oct. 03, 2018 — ICBA called on regulators to quickly implement outstanding provisions of the ICBA-advocated S. 2155 regulatory relief law, including simpler capital rules and short-form call reports for community banks. In a statement for a Senate Banking Committee hearing, ICBA thanked regulators for providing rules and guidance on the pro-growth law while noting that community banks await needed rules.
Inspired by ICBA’s Plan for Prosperity regulatory relief platform, S. 2155 includes a provision exempting well-capitalized community banks with less than $10 billion in assets from all risk-based capital requirements, including Basel III and its predecessors. It also requires regulators to create a short form call report for banks with assets of less than $5 billion to be filed in the first and third quarters of each year—a top ICBA priority for many years.
The hearing featured top federal financial regulators. Responding to questions from committee members, Comptroller of the Currency Joseph Otting said a proposed rule on short-form call reports could be out as soon as this month, while FDIC Chairman Jelena McWilliams said regulators hope to have a risk-based capital rule out by year-end. McWilliams also said the FDIC continues working to improve the de novo application process.
More information on S. 2155—including ICBA’s regulatory matrix and Road to Regulatory relief digital timeline—is available on ICBA’s “Passage of S. 2155” resource center.