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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 30, 2019.
Community Bank Access to Capital Act of 2019
This bill creates an exemption from internal control report attestation requirements for depository institutions with assets less than $5 billion. These institutions are also exempt from certain annual reports on financial condition and management.
The Securities and Exchange Commission must revise Regulation D (which exempts certain offerings from securities registration requirements) to (1) raise the limit on the number of purchasers of securities, and (2) include a person's primary residence as an asset used in determining whether a person is an accredited investor eligible to participate in these offerings.