Community Banks Serving Their Communities First Act

Bill: 110-s-1405
Sponsor: Sen. Brownback, Sam [R-KS]
Introduced: 2007-05-16 in the Senate
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Agriculture and Food
Bank holding companies
Bank loans
Bank management
Bank records
Bonds
Civil Rights and Liberties, Minority Issues
Commerce
Community development banking
Congress
Congressional investigations
Congressional reporting requirements
Consumer credit
Consumer education
Corporation directors
Corporation taxes
Debtor and creditor
Department of the Treasury
Farm lands
Federal Reserve System
Fees
Government Operations and Politics
Government paperwork
Housing and Community Development
Income tax
Individual retirement accounts
Information disclosure (Securities law)
Interest
Labor and Employment
Law
Minimum tax
Money
Mortgage banks
Mortgages
Partnerships
Right of privacy
Small business
Stockholders
Tax credits
Tax rates
Taxation

Summary:
action_date: 2007-05-16
text: 
Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders; and (5) the Securities Exchange Act of 1934 to increase the shareholder registration threshold. 
 
Amends the Truth in Lending Act to direct the Federal Reserve Board to prescribe regulations authorizing a consumer to waive the right of rescission as to certain transactions when the creditor is an insured depository institution.
 
Seasoned Customer CTR Exemption Act of 2007 - Instructs the Secretary of the Treasury to prescribe regulations to exempt a depository institution from filing a currency transaction report (CTR) in the case of certain qualified customers.
 
Amends additional Acts, including: (1) the Gramm-Leach-Bliley Act to exempt specified community banks from furnishing a mandatory privacy notice; (2) the Fair Credit Reporting Act to require a consumer's written consent before a consumer reporting agency may furnish a consumer report upon request from another creditor; and (3) the Federal Reserve Act to limit loans to executive officers.
 
Amends the Internal Revenue Code with respect to specified tax provisions for long-term certificates of deposit, loans secured by agricultural real property, qualified small issue bonds, Federal Deposit Insurance Corporation-insured limited liability companies, and young savers accounts. Repeals the individual alternative minimum tax for individuals and community banks. Reduces the tax rates for community banks.
 
Revises certain Subchapter S requirements for tax treatment of small businesses.
 
Amends the Small Business Act with respect to: (1) reduced fees for specified loans; and (2) a low documentation loan program.


Legislative actions:
action_date: 2007-05-16
text: Read twice and referred to the Committee on Finance.
action_date: 2007-05-16
text: Introduced in Senate