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Thursday, April 5, 2012

President to Sign JOBS Act Today

President Obama today will sign the JOBS Act -- small business legislation that includes provisions increasing the current 500-shareholder threshold for SEC registration to 2,000 for financial institutions, and raising the deregistration threshold from 300 to 1,200 shareholders. The SEC threshold changes cap a seven-year advocacy effort by ABA, which first proposed the increase in a 2005 letter to the agency.

ABA conservatively estimates the change will immediately help at least 500 banks that have been affected by the outdated threshold and its associated regulatory burden. The association is working to address implementation issues related to the new law, including identification of steps a bank would need to take to make use of the new thresholds.

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