Community Bank Reporting Relief Act

Bill: 114-hr-4500
Sponsor: full_name: Rep. Hultgren, Randy [R-IL-14]
Introduced: 2016-02-09
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Congressional oversight

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Government information and archives
Latest action: action_date: 2016-02-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-02-09
action_desc: Introduced in House
text: <p><b>Community Bank Reporting Relief Act</b></p> <p> This bill amends the Federal Deposit Insurance Act to direct federal banking agencies to issue regulations that allow a reduced reporting requirement for highly rated and well-capitalized depository institutions meeting certain other criteria when making the first and third report of condition for a year.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4500 IN THE HOUSE OF REPRESENTATIVES February 9, 2016 Mr. Hultgren (for himself, Ms. Sewell of Alabama , and Mr. Luetkemeyer ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Deposit Insurance Act to permit certain depository institutions to use a short form call report, and for other purposes.

1. Short title This Act may be cited as the Community Bank Reporting Relief Act . 2. Short form call report (a) In general Section 7(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(a) ) is amended by adding at the end the following: (12) Short form reporting (A) In general The appropriate Federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year, as required pursuant to paragraph (3). (B) Covered depository institution defined For purposes of this paragraph, the term covered depository institution means an insured depository institution that— (i) is highly rated and well capitalized (as defined under section 38(b)); and (ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate. . (b) Report to Congress Not later than 180 days after the date of the enactment of this Act, and every 365 days thereafter until the appropriate Federal banking agencies (as defined under section 3 of the Federal Deposit Insurance Act) have issued the regulations required under section 7(a)(12)(A) of the Federal Deposit Insurance Act, such agencies shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report describing the progress made in issuing such regulations.