U.S. Sens. Roy Blunt (R-MO) and Mike Rounds (R-SD) introduced the Community Bank Access to Capital Act of 2015 on Thursday.
The bill is designed to roll back financial regulations to make it easier for community banks to serve their customers who live in rural areas with fewer lending options.
“Community banks are an integral part of Missouri’s economy and the communities they serve,” Blunt said. “These banks often are the primary lenders to small businesses and farmers across the state. The Community Bank Access to Capital Act of 2015 gives our local banks relief from burdensome financial regulations, allowing them to better serve and meet the needs of local businesses, which will lead to investment and economic growth in communities in Missouri and nationwide.”
The bill would exempt community banks with $50 billion or less in assets from the Basel III capital rules; increase the Small Bank Holding Company Policy Statement qualifying asset threshold from $1 billion to $5 billion; exempt publicly held community banks with less than $1 billion in assets from the Sarbanes-Oxley Act’s internal control attestation requirements; allow savings-and-loan holding companies to use the Securities and Exchange Commission’s new de-registration and registration thresholds; and preserve current Securities and Exchange Commission rules regarding the definition of “accredited investor.”
The bill was introduced earlier this year in the U.S. House by Rep. Scott Garrett (R-NJ).