This bill directs the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC): (1) to each promulgate a regulation exempting community banks from regulations implementing "Basel III: A global regulatory framework for more resilient banks and banking systems," and (2) to revise capital requirements as they determine appropriate in light of such required regulations.

A community bank is defined as one whose consolidated assets are not greater than $50 billion.

The bill also exempts from the internal control attestation requirements of the Sarbanes-Oxley Act of 2002 both an insured depository institution and a depository institution holding company with consolidated assets of not greater than $1 billion.

The Securities and Exchange Commission (SEC) is prohibited from adjusting under Regulation D the $1 million net worth threshold and $200,000 and $300,000 income thresholds that define a natural person as an accredited investor.

The SEC shall increase from 35 to 70 the number of purchasers of securities in transactions deemed not to involve a public offering and so are exempt from regulation under the Securities Exchange Act of 1933.

The Securities Exchange Act of 1934 is amended to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons.