Community Bank Access to Capital Act of 2019

Bill: 116-s-1233
Sponsor: full_name: Sen. Rounds, Mike [R-SD]
Introduced: 2019-04-30
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Securities and Exchange Commission (SEC)
Latest action: action_date: 2019-04-30
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-04-30
action_desc: Introduced in Senate
text: <p><b>Community Bank Access to Capital Act of 201</b><b>9</b></p> <p>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.</p> <p>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.</p>

tv_txt: II 116th CONGRESS 1st Session S. 1233 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.

1. Short title This Act may be cited as the Community Bank Access to Capital Act of 2019 . 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. . 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 . 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. .