Sec. 2. 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 at the end the following: In this subsection— the term bank holding company has the same meaning as in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ); the term insured depository institution has the same meaning as in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); and the term savings and loan holding company has the same meaning as in section 10 of the Home Owners' Loan Act ( 12 U.S.C. 1467a ).
This section and the rules prescribed under this section shall not apply in any fiscal year to any bank holding company, savings and loan holding company, or insured depository institution which, as of the end of the preceding fiscal year, had total consolidated assets of $1,000,000,000 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 bank holding companies, savings and loan holding companies, and insured depository institutions, as reported by the Federal Deposit Insurance Corporation. .
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Sec. 2
Community bank exemption from annual management assessment of internal controls requirement of the Sarbanes-Oxley Act of 2002
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