Rep. Andy Barr (R-Ky.) introduced the ABA-advocated American Jobs and Community Revitalization Act (H.R. 1389), a package of financial regulatory relief provisions that are core components of ABA’s Agenda for America’s Hometown Banks.
Barr’s bill would institute an extended 18-month exam cycle for highly rated community banks; streamline the process and reduce the number of currency transaction reports; and allow dividends to be paid for tax purposes, thus eliminating disadvantages in Basel III for the 2,000 community banks organized as S corporations.
H.R. 1389 also includes ABA-backed provisions that would allow loans held in portfolio to be designated as Qualified Mortgages and a process to apply for designation by the CFPB as being in a rural or underserved area — both of which Barr has introduced as separate bills.
ABA President and CEO Frank Keating welcomed the legislation, noting that it “would help reduce regulatory burden on community banks and make it easier for them to meet their customers’ needs. We stand ready to work with members of the House as they move forward with this important effort.”
H.R. 1389 was introduced on the same day that a delegation from the Kentucky Bankers Association met with Barr.