Senator Susan M Collins [R-ME] on July 21, 2015 introduced S. 1799, The Community Bank Sensible Regulation Act. The legislation would allow for banking regulators to have more discretion in reducing community bank burden. Last week, Senator Collins successfully was able to add the legislation to the financial services appropriations bill before it was approved by the Senate Appropriations Committee. It was included along with legislation from Senate Banking Committee Chairman Richard Shelby (R-Ala.) containing various provisions from ICBA’s Plan for Prosperity. Should the legislation be enacted community and regional banks under $10 billion in assets would greatly benefit and become exempt from regulations like the Volker Rule.
