S 3502
116th Congress
Senate
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
National Credit Union Administration
Securities and Exchange Commission (SEC)
Community Bank Regulatory Relief Act
Introduced: March 16, 2020
Introduced by:
Cramer, Kevin
Republican
· North Dakota
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 16, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 16, 2020
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1