The House today passed several ABA-advocated bills focused on streamlining community bank regulation. All three passed by voice votes.
The TRUST Act (H.R. 4478), introduced by Reps. Tim Moore (R-N.C.) and Ritchie Torres (D-N.Y.), would raise the asset threshold from $3 billion to $6 billion for well-capitalized and well-managed depository institutions to receive less frequent federal banking exams. The SMART Act (H.R. 4437), introduced by Reps. William Timmons (R-S.C.) and Bill Foster (D-Ill.), would tailor regulatory burdens on well-capitalized and well-managed depository institutions with less than $6 billion in assets through alternating limited scope exams and combining exams as appropriate.
Meanwhile, the Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H. R. 3709), led by Rep. Joyce Beatty (D-Ohio), would establish a mentor-protégé program for minority, rural and small depository institutions at the Treasury Department.
“Together, these bills take make meaningful steps to modernize regulation and supervision and ensure our banking system remains strong and dynamic,” said ABA President and CEO Rob Nichols. “We appreciate the work of all the sponsors and cosponsors of these important bills and will continue to support these efforts going forward.”
