Sec. 3. Basel III exemption for community banks
134 words·~1 min read·
/bill/114/hr/1523/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than the end of the 3-month period beginning on the date of the enactment of this Act, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall issue regulations exempting community banks from any regulation issued to implement the International regulatory framework for banks (Basel III) . The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall make such revisions to capital requirements as they determine necessary or appropriate in light of the regulations required under subsection (a).
For purposes of this section, the term community bank means an insured depository institution (as defined under section 3 of the Federal Deposit Insurance Act) with consolidated assets of $50,000,000,000 or less.