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H.R. 3329 (113th): To enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/18/2014--Public Law. Directs the Board of Governors of the Federal Reserve System (Board) to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors, applying such policy to certain bank holding companies and savings and loan holding companies having pro forma consolidated assets of less than $1 billion, and which: (1) are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary, (2) do not conduct significant off-balance sheet activities either directly or through a nonbank subsidiary (including securitization and asset management or administration), and (3) do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission (SEC).

Retains Board authority to exclude from such Policy Statement either a bank holding company or a savings and loan holding company, regardless of asset size, if exclusion is determined warranted for supervisory purposes.

Exempts from the leverage and risk-based capital requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act any bank holding company or savings and loan holding company having less than $1 billion in total consolidated assets that complies with the requirements of the Policy Statement.