This story appeared in Bank Digest.
The House of Representatives has passed the Small Bank Holding Company Relief Act of 2018 (H.R. 4771), which would direct the Federal Reserve Board to raise the consolidated asset threshold for its Small Bank Holding Company Policy Statement from $1 billion to $3 billion. According to a press release issued by the bill's sponsor, Rep. Mia Love (R-Utah), the bill would ease overregulation on small banks and savings and loans, which would help these institutions raise capital so they can make loans in their community.
But House Financial Services Committee Ranking Member Maxine Waters (D-Calif) made a statement on the House floor opposing the bill. In her prepared statement, Waters called the current $1 billion threshold "sensible and reasonable" and warned, "If the threshold is raised too high, it will encourage more mergers and acquisitions, riskier banking activities, and reduce a [sic] banking services and credit availability to rural, low-income, minority, and underserved communities."