despite holding less than 20 percent of the nation's banking assets. TAILORS ... S. 2155 would boost the availability of
6 WAYS S. 2155 BOLSTERS RURAL AMERICA STIMULATES AMERICA'S RURAL ECONOMY The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would stimulate rural economic and jobs growth by providing regulatory relief for community banks, which serve as the only physical banking presence in nearly one in five U.S. counties.
TAILORS REGULATIONS FOR LOW-RISK BANKS S. 2155 tailors regulations to the smaller size and lower risk profile of community banks, which fund more than 60 percent of smallbusiness loans and more than 80 percent of U.S. agricultural loans despite holding less than 20 percent of the nation’s banking assets.
PROMOTES RURAL LENDING To promote lending to rural small businesses, S. 2155 would simplify overly complex capital rules and relieve Main Street institutions from rules designed for Wall Street.
BOOSTS RURAL MORTGAGE CREDIT S. 2155 would boost the availability of mortgage credit in rural communities, which have unique borrowing needs that community banks specialize in meeting. For instance, the bill would provide flexibility and “qualified mortgage” status for mortgages that community banks hold on their books—and thus are incentivized to ensure perform and are affordable for the borrower.
EASES COSTLY APPRAISAL REQUIREMENTS S. 2155 also would ease appraisal requirements that are increasingly costly and often unworkable in rural areas to facilitate mortgage credit in these communities.
HELPS COMMUNITY BANKS BUILD CAPITAL To help more community banks build capital to lend in local communities and rural areas, S. 2155 would expand access to the Federal Reserve’s Small Bank Holding Company Policy Statement.
