Call Today: Co-sponsors Needed for Communities First Act

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Call Your Representative Today: Co-sponsors Needed for Communities First Act
IBAT has issued a call to action for community bankers to urge their member of the U.S. House of Representatives to become co-sponsors of the IBAT inspired Communities First Act (HR 1697). The call comes after news that the bill will be marked up in the House Financial Services Committee in early March.
  • The CFA contains dozens of significant regulatory relief provisions for community banks in the wake of Dodd/Frank, including:
  • Allowing community banks to amortize losses on commercial real estate loans and other real estate owned over 10 years for regulatory capital purposes;
  • Requiring the Securities and Exchange Commission to conduct a cost-benefit analysis before approving any proposed accounting change;
  • Increasing the threshold number of bank shareholders that trigger SEC registration from 500 to 2,000; and
  • Allowing the Financial Stability Oversight Council to veto Consumer Financial Protection Bureau rules that would adversely impact community banks.
Currently, only four Texas Congressman (Poe, Canseco, Marchant and Sessions) are among the more than 71 co-sponsors of the bill. Please call your House member now and request that he or she co-sponsor HR 1697. A full list of contact information for the Texas Congressional delegation is available here.