Community Bank Representation Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill amends the Federal Reserve Act to create a more prominent role for a Board of Governors member with expertise in community banks. Specifically, it directs the Board Chairman to appoint a member to develop policy recommendations and oversee the supervision of smaller banks (those with less than $17 billion in assets). The bill also includes a mechanism to annually adjust thresholds for determining which banks fall under this specialized oversight, based on the nation’s economic growth. Finally, it requires this designated member to appear at semi-annual hearings before Congress.
Key provisions
- Designates a Board of Governors member to focus on community bank supervision and regulation.
- Requires the Board Chairman to appoint a member with community bank experience.
- Establishes a threshold of $17 billion in assets for community bank supervision.
- Creates an annual adjustment mechanism for the supervision threshold based on GDP growth.
- Mandates the designated Board member’s appearance at Congressional hearings.
Who is affected
- Federal Reserve Board of Governors
- Community Banks (with assets under $17 billion)
- Banking Organizations
- Congressional Committees (Banking, Housing, and Urban Affairs, Financial Services)
- Bureau of Economic Analysis
Notable changes
- Creates a dedicated role within the Board of Governors for community bank oversight.
Bill text
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Sponsors
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4 on record
Primary sponsor
Cosponsors
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