ICBA-supported TRUST Act introduced in Senate

ICBA expressed strong support for the bipartisan Senate introduction of ICBA-advocated legislation to provide expanded community bank examination relief.

About the Bill: Introduced by Sens. Ted Budd (R-N.C.), Andy Kim (D-N.J.), John Kennedy (R-La.), and Angela Alsobrooks (D-Md.), the Tailored Regulatory Updates for Supervisory Testing (TRUST) Act (S. 3830) would raise the consolidated asset threshold from $3 billion to $6 billion for banks to qualify for an 18-month examination cycle.

ICBA Support: In a letter to Senate Banking Committee members, ICBA said:

• A higher threshold for well-capitalized and well-managed banks that pose no systemic risk is safe and sensible reform that would allow more community banks to direct more resources toward serving their customers.

• Threshold updates such as this one provide meaningful relief and can be undertaken without compromising safety and soundness.

House Passage: The TRUST Act passed the House of Representatives this week as part of the community banking title of the Housing for the 21st Century Act (H.R. 6644), which advanced with a wide bipartisan vote of 390-9.