The House Financial Services Committee today advanced legislation to boost community banking by raising regulatory thresholds, revising agency supervisory practices, tailoring regulations further, encouraging de novo banks and strengthening community development financial institutions.
The Main Street Capital Access Act (H.R. 6955) brings together multiple legislative proposals that were previously proposed by members of Congress. The committee approved the legislation by a 26-16 vote.
The American Bankers Association submitted comments ahead of the hearing noting that the bill contained provisions that it has long supported, such as measures to spur new bank creation and promote transparency and fairness in supervision.
In a statement after the vote, ABA President and CEO Rob Nichols thanked committee Chairman French Hill (R-Ark.) and Rep. Andy Barr (R-Ky.) for their leadership in advancing the bill, “which will strengthen community banks by spurring new bank formation, promoting common-sense tailoring, improving supervision and more.”
“We look forward to working with Congress and the administration on additional policies that will help community banks support local businesses, families and the broader economy,” Nichols said.
