Senate Bill 3502
116th Congress(2019-2020)
Community Bank Regulatory Relief Act
Introduced
Introduced
Introduced in Senate on Mar 16, 2020
Overview
Text
Introduced
Mar 16, 2020
Latest Action
Mar 16, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3502
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
North Dakota
Arkansas
North Carolina
South Carolina
No Senate votes have been held for this bill.
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.

Text (1)
March 16, 2020
Actions (2)
03/16/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
03/16/2020
Introduced in Senate
Public Record
Created
Mar 17, 2020 4:27:07 AM
Updated
Feb 19, 2021 5:32:24 AM