House passes ICBA-supported reg relief bill

The House of Representatives passed the Main Street Capital Access Act (H.R. 6955)—ICBA-advocated legislation to provide regulatory relief targeted to community banks—on a bipartisan vote of 270-155-1.

Bill Details: Sponsored by House Financial Services Committee Chairman French Hill (R-Ark.) and Financial Institutions Subcommittee Chairman Andy Barr (R-Ky.), H.R. 6955 includes numerous provisions to:

• Tailor regulations to the lower risk profile of community banks.

• Ease excessive capital requirements.

• Support the formation of new community banks.

• Ensure fair reviews of agency examinations.

• Raise thresholds for holding custodial and reciprocal deposits.

• Require the appointment of an FDIC board member with experience in small depository institutions.

• Modernize the Federal Reserve's discount window lending programs.

• Offer relief at the holding company level.

• Promote bank-fintech partnerships.

ICBA View: In a national news release, ICBA President and CEO Rebeca Romero Rainey commended the House for passing the legislation, noting it would transform the regulatory environment to support community banking and locally based economic growth.

ICBA Advocacy: ICBA has led the push for the pro-community bank bill, with Romero Rainey joining Hill and Barr at a January event at the U.S. Capitol to unveil the measure. The legislation contains many items advanced in ICBA’s open letter to the 119th Congress to ensure comprehensive reforms that address key policy challenges.

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