The House Banking Committee recently finished work on a massive package of regulatory relief measures introduced by Rep. Doug Bereuter, R-Neb. A number of important amendments were added as the panel wended its way through long hours of debate on the bill, formally the Financial Institutions Regulatory Relief Act of 1995. The following is a summary of some of the key provisions in the legislation as approved by the House Banking Committee last week.
Community Reinvestment Act. Banks with under $100 million in assets and located outside of metropolitan statistical areas would be exempted from the CRA. Additionally, an amendment introduced by Rep. Jerry Weller, R- Ill., would exempt a bank from CRA if it and its bank holding company do not have aggregate assets in excess of $100 million.