Communities First Act
Latest action · Apr 17, 2007 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 17, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 29
Members who signed on, in the order they did. Signatures ran from May 1, 2007 to Jun 10, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Albio Sires | May 1, 2007 | |
| D-TX | Chet Edwards | May 1, 2007 | |
| R-UT | Chris Cannon | May 1, 2007 | |
| D-GA | David Scott | May 1, 2007 | |
| D-OK | Dan Boren | Jun 5, 2007 | |
| D-CA | Jerry McNerney | Jun 5, 2007 | |
| R-AL | Jo Bonner | Jun 5, 2007 | |
| R-TX | Kenny Marchant | Jun 5, 2007 | |
| R-MI | Peter Hoekstra | Jun 5, 2007 | |
| R-TX | Ron Paul | Jun 5, 2007 | |
| D-TX | Al Green | Jun 15, 2007 | |
| D-PA | Jason Altmire | Jun 15, 2007 | |
| R-IN | Mark E. Souder | Jun 15, 2007 | |
| R-FL | Ginny Brown-Waite | Jun 26, 2007 | |
| D-IL | Phil Hare | Jun 26, 2007 | |
| R-IL | Ray LaHood | Jun 26, 2007 | |
| R-IN | Dan Burton | Jul 17, 2007 | |
| R-KY | Harold Rogers | Jul 17, 2007 | |
| R-TX | Michael T. McCaul | Jul 17, 2007 | |
| D-VA | Rick Boucher | Sep 24, 2007 | |
| R-MI | Tim Walberg | Sep 24, 2007 | |
| D-NY | Yvette D. Clarke | Sep 24, 2007 | |
| D-AL | Robert E. (Bud) Cramer Jr. | Oct 15, 2007 | |
| R-KS | Jerry Moran | Oct 22, 2007 | |
| D-CO | Mark Udall | Oct 25, 2007 | |
| D-IA | Bruce L. Braley | Jan 15, 2008 | |
| R-NM | Stevan Pearce | Apr 14, 2008 | |
| R-TX | Ted Poe | May 8, 2008 | |
| R-WA | Cathy McMorris Rodgers | Jun 10, 2008 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 17, 2007 |
| House | Ways and Means Committee | Referred Apr 17, 2007 |
| House | Small Business Committee | Referred Apr 17, 2007 |
Actions 2
Everything that happened, newest first.
- Apr 17, 2007Introduced in House
- Apr 17, 2007Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 3
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 110-81 | FULL COMMITTEE HEARING ON THE ROLE OF CREDIT CARDS IN SMALL BUSINESS FINANCING131 pages | Small Business Committee | Apr 3, 2008 |
| Serial No. 110-95 | THE NEED FOR CREDIT UNION REGULATORY RELIEF AND IMPROVEMENT161 pages | Financial Services Committee | Mar 6, 2008 |
| Serial No. 110-26 | FULL COMMITTEE HEARING ON SARBANES-OXLEY SECTION 404: WILL THE SEC'S AND PCAOB'S NEW STANDARDS LOWER COMPLIANCE COSTS FOR SMALL COMPANIES?137 pages | Small Business Committee | Jun 5, 2007 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1405 | Communities First Act | Related bill | May 16, 2007 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.
- Short Titles as Introduced
- Community Banks Serving Their Communities First Act
- Communities First Act
- Short Titles as Introduced for portions of this bill
- Seasoned Customer CTR Exemption Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- 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
- Finance and Financial Sector
- 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
Text 1
Each version as it was printed, newest first.
- Apr 17, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
