Community Bank Regulatory Relief Act

Senate Bill 3502 - Community Bank Regulatory Relief Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:23:03Z

Explore the details of Senate Bill 3502 Community Bank Regulatory Relief Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/8/2022, 11:23 PM

Congressional Summary of S 3502

Community Bank Regulatory Relief Act

This bill delays required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards). Specifically, no agency may require a person to comply with this standard with respect to a fiscal year beginning before December 31, 2024.

Additionally, the community bank leverage ratio is set at 8% for community banks seeking to satisfy simplified capital adequacy requirements. Currently, banking agencies are required to set the rate between 8% and 10% through rulemaking.

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Current Status of Bill S 3502

Bill S 3502 is currently in the status of Bill Introduced since March 16, 2020. Bill S 3502 was introduced during Congress 116 and was introduced to the Senate on March 16, 2020. Bill S 3502's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 16, 2020

Bipartisan Support of Bill S 3502

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3502

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Accounting and auditing

- Administrative law and regulatory procedures

- Bank accounts, deposits, capital

- Banking and financial institutions regulation

- Commodity Futures Trading Commission

- Consumer Financial Protection Bureau

- Credit and credit markets

- Department of the Treasury

- Federal Deposit Insurance Corporation (FDIC)

- Federal Housing Finance Agency

- Federal Reserve System

- National Credit Union Administration

- Securities and Exchange Commission (SEC)

Alternate Title(s) of Bill S 3502

Community Bank Regulatory Relief Act

A bill to delay the implementation date of the current expected credit losses methodology for estimating allowances for credit losses, and for other purposes.