Strengthening Local Bank Voice in Federal Reserve Regulation and Oversight.
This law increases the influence of small, local banks on US banking regulations. It assigns a specific Federal Reserve Board member to oversee and develop rules for banks with assets up to $17 billion, ensuring regulations are tailored to their needs. This aims to potentially make it easier for community banks to provide loans to small businesses and consumers, improving access to local financing.
Key points
Increased Representation: A Federal Reserve Board member with community banking experience is formally assigned supervisory duties over smaller banks.
Asset Threshold Raised: Banks with assets up to $17 billion (up from $10 billion) will fall under this specialized oversight, and this limit will be adjusted annually for economic growth (GDP).
Greater Accountability: The designated official must regularly report to Congress on their efforts regarding the regulation of local banks.
Status:
Placed on Calendar
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