Communities First Act

Summary

Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders; and (5) the Securities Exchange Act of 1934 to increase the shareholder registration threshold. Amends the Truth in Lending Act to direct the Federal Reserve Board to prescribe regulations authorizing a consumer to waive the right of rescission as to certain transactions when the creditor is an insured depository institution. Seasoned Customer CTR Exemption Act of 2007 - Instructs the Secretary of the Treasury to prescribe regulations to exempt a depository institution from filing a currency transaction report (CTR) in the case of certain qualified customers. Amends additional Acts, including: (1) the Gramm-Leach-Bliley Act to exempt specified community banks from furnishing a mandatory privacy notice; (2) the Fair Credit Reporting Act to require a consumer's written consent before a consumer reporting agency may furnish a consumer report upon request from another creditor; and (3) the Federal Reserve Act to limit loans to executive officers. Amends the Internal Revenue Code with respect to specified tax provisions for long-term certificates of deposit, loans secured by agricultural real property, qualified small issue bonds, Federal Deposit Insurance Corporation-insured limited liability companies, and young savers accounts. Repeals the individual alternative minimum tax for individuals and community banks. Reduces the tax rates for community banks. Revises certain Subchapter S requirements for tax treatment of small businesses. Amends the Small Business Act with respect to: (1) reduced fees for specified loans; and (2) a low documentation loan program.

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Timeline

1. 16 May 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 16 May 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 16 May 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 May 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 May 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 16 May 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Brownback, Sam [R-KS] · R · Sponsor
• Sen. Roberts, Pat [R-KS] · R · Sponsor
• Sen. Coburn, Tom [R-OK] · R · Sponsor
• Sen. Chambliss, Saxby [R-GA] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Communities First Act