Sen. Mike Rounds (R-SD) has introduced legislation to enhance community bank access to capital. “The Community Bank Access to Capital Act of 2019” (S. 1233) includes ICBA-advocated provisions that would:
- Exempt publicly held community banks with less than $5 billion in assets from the Sarbanes-Oxley Act’s internal control attestation requirements;
- Exempt community banks with less than $5 billion in assets from the FDIC’s annual report on financial condition and management, and,
- Revise the SEC definitions of “accredited” and “non-accredited” investors to attract new investors.
Sen. Rounds has introduced similar ICBA-supported bills in previous Congresses to help private and publicly traded banks raise much-needed capital.