Section 1 Short title
This Act may be cited as the “Community Bank Access to Capital Act of 2015”.
Community Bank Access to Capital Act of 2015
A BILL
To provide relief to community banks, to promote access to capital for community banks, and for other purposes.
Sec. 2 Basel III exemption for community banks
Definition— In this section, the term community bank means an insured depository institution, as defined in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)), with consolidated assets of not greater than $50,000,000,000.
Promulgation of regulations— Not later than 3 months after the date of enactment of this Act, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall each promulgate a regulation exempting community banks from any regulation issued to implement “Basel III: A global regulatory framework for more resilient banks and banking systems”, as issued by the Basel Committee on Banking Supervision on December 16, 2010 and revised on June 1, 2011.
Capital requirements adjustment— The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall make the revisions to capital requirements as the Comptroller, the Board, and the Corporation, respectively, determine are necessary or appropriate in light of the regulations required under subsection (b).
Sec. 3 Internal control attestation requirement exemptions
Section 404(c) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262(c)) is amended—
by striking “that is neither” and inserting the following:
“(1) is neither”
by striking the period at the end and inserting “; or”; and
by adding at the end the following:
“(2) is an insured depository institution or a depository institution holding company (as those terms are defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), with consolidated assets of not greater than $1,000,000,000.”
Sec. 4 Regulation D changes
The Securities and Exchange Commission—
may not adjust—
the $1,000,000 net worth threshold under section 230.501(a)(5) of title 17, Code of Federal Regulations, or any successor thereto; or
the $200,000 and $300,000 income thresholds under section 230.501(a)(6) of title 17, Code of Federal Regulations, or any successor thereto; and
shall, not later than 3 months after the date of the enactment of this Act, revise section 230.506(b)(2)(i) of title 17, Code of Federal Regulations, to change the limitation on the number of purchasers contained in the section from 35 to 70.
Sec. 5 Shareholder threshold treatment of savings and loan holding companies
by redesignating the second paragraph (80) (relating to funding portals) as paragraph (81); and
by adding at the end the following:
“(82) Bank holding company—The term bank holding company has the meaning given the term in section 2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(a)).
“(83) Savings and loan holding company—The term savings and loan holding company has the meaning given the term in section 10(a) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)).”
Amendments to section 12 of the Securities Exchange Act of 1934— Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)) is amended—
in paragraph (1)(B), by striking “or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841)” and inserting “, a bank holding company, or a savings and loan holding company”; and
in paragraph (4), by striking “or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 1,200 persons persons” and inserting “, a bank holding company, or a savings and loan holding company, 1,200 persons”.
Amendment to section 15 of the Securities Exchange Act of 1934— Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)) is amended, in the third sentence, by striking “or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 1,200 persons persons” and inserting “, a bank holding company, or a savings and loan holding company, 1,200 persons”.