The House Financial Services Committee today advanced legislation to boost community banking by raising regulatory thresholds, revising agency supervisory practices, tailoring regulations further, encouraging de novo banks and strengthening community development financial institutions.
The Main Street Capital Access Act (H.R. 6955) brings together multiple legislative proposals that were previously proposed by members of Congress. The committee approved the legislation by a 26-16 vote.
The American Bankers Association submitted comments ahead of the hearing noting that the bill contained provisions that it has long supported, such as measures to spur new bank creation and promote transparency and fairness in supervision.
