Community Bank Regulatory Relief Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Mar 16, 2020)
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.
What just happenedMar 16, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateMar 16, 2020
- Mar 16, 2020IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Mar 16, 2020IntroReferral10000
Introduced in Senate