3.0.0 3502 2022-02-08T23:23:03Z 2022-02-08T23:23:03Z Senate S 2020-03-16 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-03-16T22:13:30Z 2020-03-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-03-16 Introduced in Senate IntroReferral 10000 9 Library of Congress C001096 Sen. Cramer, Kevin [R-ND] Kevin Cramer R ND N C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR 2020-03-16 True T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2020-03-16 True M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2020-03-16 True S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC 2020-03-18 False L000594 Sen. Loeffler, Kelly [R-GA] Kelly Loeffler R GA 2020-03-20 False 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) Finance and Financial Sector 00 2020-03-16 Introduced in Senate 2021-02-16T16:33:06Z 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.

]]> Community Bank Regulatory Relief Act Display Title Community Bank Regulatory Relief Act Short Title(s) as Introduced Community Bank Regulatory Relief Act Introduced in Senate IS Official Title as Introduced A bill to delay the implementation date of the current expected credit losses methodology for estimating allowances for credit losses, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-03-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3502is/xml/BILLS-116s3502is.xml 2020-03-16 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.