Sec. 6. Community bank exemption from annual management assessment of internal controls requirement of the Sarbanes-Oxley Act of 2002
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Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is amended by adding the following new subsection: This section shall not apply in any year to any insured depository institution which, as of the close of the preceding year, had total assets, as determined on a consolidated basis, of $10,000,000,000 or less. The Commission shall annually adjust the dollar amount in paragraph
(1)by an amount equal to the percentage increase, for the most recent year, in total assets held by all depository institutions, as reported by the Federal Deposit Insurance Corporation. .
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Sec. 6
Community bank exemption from annual management assessment of internal controls requirement of the Sarbanes-Oxley Act of 2002
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