Community Bank Regulatory Relief Act
Latest action · Mar 16, 2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedMar 16, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Community Bank Regulatory Relief Act
This bill delays required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards). Specifically, no agency may require a person to comply with this standard with respect to a fiscal year beginning before December 31, 2024.
Additionally, the community bank leverage ratio is set at 8% for community banks seeking to satisfy simplified capital adequacy requirements. Currently, banking agencies are required to set the rate between 8% and 10% through rulemaking.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Mar 16, 2020 to Mar 20, 2020, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Jerry Moran | Original | Mar 16, 2020 |
| R-NC | Thom Tillis | Original | Mar 16, 2020 |
| R-AR | Tom Cotton | Original | Mar 16, 2020 |
| R-SC | Tim Scott | Mar 18, 2020 | |
| R-GA | Kelly Loeffler | Mar 20, 2020 |
Actions 2
Everything that happened, newest first.
- Mar 16, 2020Introduced in Senate
- Mar 16, 2020Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting and auditing
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Commodity Futures Trading Commission
- Consumer Financial Protection Bureau
- Credit and credit markets
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Housing Finance Agency
- Federal Reserve System
- Finance and Financial Sector
- National Credit Union Administration
- Securities and Exchange Commission (SEC)
Text 1
Each version as it was printed, newest first.
- Mar 16, 2020Introduced in Senate
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.
