Community Bank Access to Capital Act of 2015

Bill: 114-s-1816
Sponsor: full_name: Sen. Rounds, Mike [R-SD]
Introduced: 2015-07-21
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2016-06-23
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-366.

Summaries:
action_date: 2015-07-21
action_desc: Introduced in Senate
text: <p><b>Community Bank Access to Capital Act of 2015</b></p> <p>This bill directs the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC): (1) to each promulgate a regulation exempting community banks from regulations implementing &quot;Basel III: A global regulatory framework for more resilient banks and banking systems,&quot; and (2) to revise capital requirements as they determine appropriate in light of such required regulations.</p> <p> A community bank is defined as one whose consolidated assets are not greater than $50 billion.</p> <p>The bill also exempts from the internal control attestation requirements of the Sarbanes-Oxley Act of 2002 both an insured depository institution and a depository institution holding company with consolidated assets of not greater than $1 billion.</p> <p>The Securities and Exchange Commission (SEC) is prohibited from adjusting under Regulation D the $1 million net worth threshold and $200,000 and $300,000 income thresholds that define a natural person as an accredited investor.</p> <p>The SEC shall increase from 35 to 70 the number of purchasers of securities in transactions deemed not to involve a public offering and so are exempt from regulation under the Securities Exchange Act of 1933. </p> <p>The Securities Exchange Act of 1934 is amended to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1816 IN THE SENATE OF THE UNITED STATES July 21, 2015 Mr. Rounds (for himself and Mr. Blunt ) 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.

1. Short title This Act may be cited as the Community Bank Access to Capital Act of 2015 . 2. Basel III exemption for community banks (a) Definition In this section, the term community bank means an insured depository institution, as defined in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ), with consolidated assets of not greater than $50,000,000,000. (b) Promulgation of regulations Not later than 3 months after the date of enactment of this Act, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall each promulgate a regulation exempting community banks from any regulation issued to implement Basel III: A global regulatory framework for more resilient banks and banking systems , as issued by the Basel Committee on Banking Supervision on December 16, 2010 and revised on June 1, 2011. (c) Capital requirements adjustment The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall make the revisions to capital requirements as the Comptroller, the Board, and the Corporation, respectively, determine are necessary or appropriate in light of the regulations required under subsection (b). 3. 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 consolidated assets of not greater than $1,000,000,000. . 4. Regulation D changes The Securities and Exchange Commission— (1) may not adjust— (A) the $1,000,000 net worth threshold under section 230.501(a)(5) of title 17, Code of Federal Regulations, or any successor thereto; or (B) the $200,000 and $300,000 income thresholds under section 230.501(a)(6) of title 17, Code of Federal Regulations, or any successor thereto; and (2) shall, not later than 3 months after the date of the enactment of this Act, revise section 230.506(b)(2)(i) of title 17, Code of Federal Regulations, to change the limitation on the number of purchasers contained in the section from 35 to 70. 5. Shareholder threshold treatment of savings and loan holding companies (a) Definitions Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended— (1) by redesignating the second paragraph (80) (relating to funding portals) as paragraph (81); and (2) by adding at the end the following: (82) Bank holding company The term bank holding company has the meaning given the term in section 2(a) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841(a) ). (83) Savings and loan holding company The term savings and loan holding company has the meaning given the term in section 10(a) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(a) ). . (b) Amendments to section 12 of the Securities Exchange Act of 1934 Section 12(g) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g) ) is amended— (1) in paragraph (1)(B), by striking or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ) and inserting , a bank holding company, or a savings and loan holding company ; and (2) in paragraph (4), by striking or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ), 1,200 persons persons and inserting , a bank holding company, or a savings and loan holding company, 1,200 persons . (c) Amendment to section 15 of the Securities Exchange Act of 1934 Section 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(d) ) is amended, in the third sentence, by striking or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ), 1,200 persons persons and inserting , a bank holding company, or a savings and loan holding company, 1,200 persons .