Community Bank Representation Act

Key Points

• Makes the Federal Reserve Chair pick a Board member with community bank experience to lead work on smaller-bank oversight.
• Applies to banks the Federal Reserve supervises with less than $17 billion in total assets, replacing an older $10 billion cutoff.
• Requires that community-bank-focused Board member to report to Congress twice a year on plans and results for supervising smaller banks.
• Automatically raises the $17 billion cutoff over time when the U.S. economy grows, so the definition keeps up with inflation and growth.
• Adds a requirement for coordination with another federal bank oversight group so community bank concerns are included in joint decisions.