HR 1697

112th CONGRESS
1st Session

H. R. 1697

To enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

May 3, 2011

Mr. LUETKEMEYER introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

TITLE I--TARGETED REGULATORY RELIEF FOR COMMUNITY BANKS

TITLE II--REGULATORY RELIEF FOR COMMUNITY BANKS AND THEIR CUSTOMERS

TITLE III--TAX RELIEF FOR BANK DEPOSITORS, RURAL BANKS, MUNICIPALITIES, BANKS ORGANIZED AS LIMITED LIABILITY COMPANIES, AND YOUNG SAVERS

TITLE IV--TAX RELIEF FOR COMMUNITY BANKS AND HOLDING COMPANIES

TITLE V--SMALL BUSINESS SUBCHAPTER S REFORMS

TITLE I--TARGETED REGULATORY RELIEF FOR COMMUNITY BANKS

SEC. 101. SHORT FORM REPORTS OF CONDITION FOR CERTAIN COMMUNITY BANKS.

SEC. 102. COMMUNITY BANK EXEMPTION FROM ANNUAL MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS REQUIREMENT OF THE SARBANES-OXLEY ACT OF 2002.

SEC. 103. CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL FACTORS.

SEC. 104. ACCOUNTING PRINCIPLES SHALL REFLECT BUSINESS MODELS.

SEC. 105. ACCOUNTING PRINCIPLES COST-BENEFIT REQUIREMENTS.

`SEC. 13B. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES COST-BENEFIT REQUIREMENTS.

SEC. 106. INCREASE IN SHAREHOLDER REGISTRATION THRESHOLD.

SEC. 107. FSOC REVIEW OF BUREAU REGULATIONS.

SEC. 108. FEDERAL RESERVE EXAMINATION AUTHORITY.

TITLE II--REGULATORY RELIEF FOR COMMUNITY BANKS AND THEIR CUSTOMERS

SEC. 201. ESCROW REQUIREMENTS.

SEC. 202. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT UNDER THE GRAMM-LEACH-BLILEY ACT.

SEC. 203. AGRICULTURE LOAN GUARANTEES.

SEC. 204. REIMBURSEMENT FOR PRODUCTION OF MANDATED RECORDS.

SEC. 205. LOAN AMORTIZATION.

SEC. 206. LOAN APPRAISALS.

SEC. 207. CREDIT RATINGS.

SEC. 208. SMALL BUSINESS DATA COLLECTION EXCLUSION.

TITLE III--TAX RELIEF FOR BANK DEPOSITORS, RURAL BANKS, MUNICIPALITIES, BANKS ORGANIZED AS LIMITED LIABILITY COMPANIES, AND YOUNG SAVERS

SEC. 301. REDUCED RATE AND DEFERRAL OF INCOME RECOGNITION ON LONG-TERM CERTIFICATES OF DEPOSIT.

SEC. 302. EXCLUSION FOR INTEREST ON LOANS SECURED BY AGRICULTURAL REAL PROPERTY.

`SEC. 139E. INTEREST ON LOANS SECURED BY AGRICULTURAL REAL PROPERTY.

SEC. 303. UPDATE IN CAP ON QUALIFIED SMALL ISSUE BONDS.

SEC. 304. LIMITED LIABILITY COMPANY TAX TREATMENT FOR FDIC-INSURED LIMITED LIABILITY COMPANIES.

SEC. 305. YOUNG SAVERS' ACCOUNTS.

TITLE IV--TAX RELIEF FOR COMMUNITY BANKS AND HOLDING COMPANIES

SEC. 401. LIMITED TAX CREDIT.

SEC. 402. QUALIFYING INVESTMENTS IN SMALL BANK ISSUERS.

SEC. 403. 5-YEAR NOL CARRYBACK FOR CERTAIN BANKS.

TITLE V--SMALL BUSINESS SUBCHAPTER S REFORMS

SEC. 501. INCREASING SHAREHOLDER LIMIT FOR SUBCHAPTER S TO 200.

SEC. 502. ISSUANCE OF PREFERRED STOCK PERMITTED FOR SUBCHAPTER S CORPORATIONS.

SEC. 503. IRA SHAREHOLDERS.

END