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Senate Bill Would Boost Community Banks’ Access To Capital

Senate Bill Would Boost Community Banks’ Access To Capital

Legislation introduced by Sen. Mike Rounds (R-SD) to enhance community bank access to capital,  “The Community Bank Access to Capital Act of 2019” (S. 1233), includes a number of provisions strongly supported by ICBA. The provisions would:

  • Exempt banks and bank holding companies with total consolidated assets less than $5 billion in assets from the Sarbanes-Oxley 404(b) 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, including providing audited financial statements and internal control attestations;
  • Broaden the definition of “accredited investor” under SEC Regulation D so that the person’s primary residence can be included as an asset; and
  • Raise the limit on the number of unaccredited investors under SEC Regulation D.
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