Summary: S.3502 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.3502. Bill summaries are authored by CRS.

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Introduced in Senate (03/16/2020)

Community Bank Regulatory Relief Act

This bill delays required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards). Specifically, no agency may require a person to comply with this standard with respect to a fiscal year beginning before December 31, 2024.

Additionally, the community bank leverage ratio is set at 8% for community banks seeking to satisfy simplified capital adequacy requirements. Currently, banking agencies are required to set the rate between 8% and 10% through rulemaking.