On December 11th, 2014, HR 3329 was passed with unanimous consent by the Senate and sent to President Obama’s desk for signature. HR 3329 enhances the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. Specifically, the legislation will double the Small Bank Holding Company Policy Statement asset threshold from $500 million to $1 billion. H.R. 3329 also will allow small savings and loan holding companies to be covered by the policy statement’s provisions. It is estimated that the change will reduce regulatory burdens for 89 percent of bank holding companies, up from 75 percent today. The bill, introduced by Rep. Blaine Luetkemeyer (R-MO,) was a bipartisan bill that passed the House earlier this year.
