U.S. House Passes CBAI/ICBA Advocated Regulatory Relief Legislation

May 6, 2014

The U.S. House of Representatives passed two CBAI/ICBA advocated regulatory relief bills which were inspired by ICBA’s Plan for Prosperity regulatory relief platform. The votes came one week after CBAI’s Call on Washington and the ICBA’s Washington Policy Summit where community bankers from across Illinois and the nation met with their legislators and regulators to advocate on behalf of community banks.

H.R. 3329 would increase the qualifying asset threshold of the Small Bank Holding Company Policy Statement from $500 million to $1 billion and allow small savings and loan holding companies to be covered by these provisions. This legislation would make it easier for community bank and thrift holding companies to raise capital.

H.R. 2672 would create a process where individuals could petition the Consumer Financial Protection Bureau to have a county designated as rural. A broader range of evaluation criteria would be allowed to more accurately identify rural counties and help ensure continued access to mortgage credit in those communities.

These bills passed the House by voice vote, indicating strong bipartisan support. CBAI thanks the Illinois members of the House for supporting this important community bank regulatory relief legislation.

CBAI joins the ICBA in urging the U.S. Senate to take up and quickly pass both bills.