Title: Community Bank Access to Capital Act of 2019
Policy area: Finance and Financial Sector

Summary:
Community Bank Access to Capital Act of 2019
This bill creates an exemption from internal control report attestation requirements for depository institutions with assets less than $5 billion. These institutions are also exempt from certain annual reports on financial condition and management.
The Securities and Exchange Commission must revise Regulation D (which exempts certain offerings from securities registration requirements) to (1) raise the limit on the number of purchasers of securities, and (2) include a person's primary residence as an asset used in determining whether a person is an accredited investor eligible to participate in these offerings.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1233 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1233

To provide relief to community banks, to promote access to capital for 
                community banks, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 30, 2019

  Mr. Rounds introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To provide relief to community banks, to promote access to capital for 
                community banks, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Bank Access to Capital Act 
of 2019''.

SEC. 2. INTERNAL CONTROL ATTESTATION REQUIREMENT EXEMPTIONS.

    Section 404(c) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 
7262(c)) is amended--
            (1) by striking ``that is neither'' and inserting the 
        following: ``that--
            ``(1) is neither'';
            (2) by striking the period at the end and inserting ``; 
        or''; and
            (3) by adding at the end the following:
            ``(2) is an insured depository institution or a depository 
        institution holding company (as those terms are defined in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813)) with less than $5,000,000,000 in total consolidated 
        assets.''.

SEC. 3. ANNUAL REPORT ON FINANCIAL CONDITION AND MANAGEMENT.

    Section 36(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
1831m(a)(1)) is amended by inserting ``that has more than 
$5,000,000,000 in total consolidated assets'' after ``institution''.

SEC. 4. REGULATION D.

    (a) Definition of Accredited Investors.--Not later than 180 days 
after the date of enactment of this Act, the Securities and Exchange 
Commission shall amend section 230.501(a)(5)(i)(A) of title 17, Code of 
Federal Regulations, to read as follows:
                    ``(A) The person's primary residence shall be 
                included as an asset;''.
    (b) Limitation on Number of Purchasers.--Not later than 180 days 
after the date of enactment of this Act, the Securities and Exchange 
Commission shall amend section 230.506(b)(2)(i) of title 17, Code of 
Federal Regulations, to read as follows:
                            ``(i) Limitation on number of purchasers.--
                        There are no more than or the issuer reasonably 
                        believes that there are no more than 70 
                        purchasers of securities from the issuer in any 
                        offering under this section.''.
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