The American Bankers Association submitted a markup memo for today’s House Financial Services Committee legislative markup outlining support for several pieces of legislation. In the memo shared with all committee members and committee staff, ABA voiced support for the following measures:
H.R. 758, the Promoting Access to Capital in Underbanked Communities Act, introduced by Rep. Andy Barr (R-Ky.), would establish a three-year phase-in period for new banks to comply with federal capital standards, among other provisions designed to promote and sustain de novo banking. “By facilitating the formation of new banks in urban and rural areas, this legislation expands banking access for both individuals and small- and medium-sized businesses,” ABA said.
ABA supported provisions in H.R. 8337, the Bank Resilience and Regulatory Improvement Act, that would require the Federal Reserve to make determinations on merger applications in a timely fashion, review its discount window operations, and raise the consolidated asset threshold that applies to small-bank holding companies. The association also supported provisions in H.R. 8338, the Clarity in Lending Act, that would clarify standards for unfair, deceptive, and abusive acts and practices enforcement actions brought by the CFPB and provide relief from the bureau’s Section 1071 small-business data collection final rule, among other things.
In addition, ABA noted support for H.R. 8339, the SEC Reform and Restructuring Act, which requires the SEC to assess a series of specified factors before issuing regulations, including robust cost-benefit analysis. Finally, ABA supported H. J. Res. 100, a Congressional Act Review resolution to overturn the Securities and Exchange Commission’s cyber incident reporting rule.
