H.R.2061 - Communities First Act
To enhance the ability of community banks to foster economic growth and serve their communities, and for other purposes. view all titles (3)
All Bill Titles
- Short: Communities First Act as introduced.
- Short: Community Banks Serving Their Communities First Act as introduced.
- Official: To enhance the ability of community banks to foster economic growth and serve their communities, and for other purposes. as introduced.
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Official SummaryCommunity Banks Serving Their Communities First Act, or the Communities First Act - Sets forth regulatory relief measures for community banks, including amendments to: (1) the Home Mortgage Disclosure Act to increase from $10 million to $250 million the asset levels of depository institutio
Official SummaryCommunity Banks Serving Their Communities First Act, or the Communities First Act - Sets forth regulatory relief measures for community banks, including amendments to:
(1) the Home Mortgage Disclosure Act to increase from $10 million to $250 million the asset levels of depository institution and home mortgage lenders that are exempt from disclosure requirements;
(2) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; and
(3) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from management assessment of internal controls requirements. Directs the Federal Reserve Board to publish proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that provide that:
(1) the policy shall apply to a bank holding company with pro forma consolidated assets of less than $1 billion that meets specified criteria; and
(1) provide reduced tax rates and deferral of income recognition on long-term certificates of deposit;
(2) exclude from gross income interest received by a qualified lender on any qualified real estate loan;
(3) increase from $10 million to $30 million the cap on qualified small issue bonds;
(4) provide limited liability company tax treatment for FDIC-insured limited liability companies;
(5) provide a tax reduction on a C corporation which is a community bank; and
(6) exempt community banks from the alternative minimum tax..
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