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House OKs bill to increase small-bank threshold

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House OKs bill to increase small-bank threshold

The U.S. Houseof Representatives on April 14 passed H.R.3791, which would raise the maximum asset size of banks under the FederalReserve's Small Bank Holding Company Policy Statement from $1 billion to $5 billion.

The measure,sponsored by Rep. Mia Love, R-Utah, passed by a vote of 247-171.

Banks that meetthe qualifications of the policy statement can operate with higher levels of debtand are exempt from the Fed's consolidated risk-based capital and leverage capitalrules.

Rep. MaxineWaters, D-Calif., led Democrats in opposition to H.R. 3791, according to an April14 news release. She emphasized the new threshold was 5x the current level — anamount agreed on by both Democrats and Republicans and covering 89% of U.S. banks.

Also on April14, the House passed H.R. 3340,or the Financial Stability Oversight Council Reform Act, sponsored by Rep. Tom Emmer,R-Minn., by a vote of 239-179.

The measuremakes the Financial Stability Oversight Council and the Office of Financial Researchsubject to the normal appropriations process. It also requires the OFR to submitquarterly reports to Congress regarding its activities and provide public noticeand a comment period of at least 90 days before issuing any report, rule or regulation.