Senate Bill Gives Sarbanes-Oxley Exemption to Small Banks
Banks holding less than $1 billion in assets could receive an exemption from the auditor attestation requirements of Section 404(b) under the Sarbanes-Oxley Act of 2002. Under S. 1962, the Community Bank Access to Capital Act of 2017, the proposed Senate bill frees smaller banks from the more complicated and expensive reforms under Sarbanes-Oxley. S. 1962 also requires public companies to hire an external auditor to attest to management’s internal controls over financial reporting. The bill’s co-sponsor, Senator Mike Rounds (R-S.D.), stated the proposed measure would promote growth among community banks and help them support their communities. Section 404(b) advocates. Read More.
FDIC Issues Guide for Community Banks
Published by the Federal Deposit Insurance Corporation (“FDIC”), the New Capital Rule Community Guide (the Guide) summarizes important changes from the present general risk-based capital rule for exposures normally held by community banking organizations. The Guide is aimed to assist small, non-complex community banks with parts of the capital rule important to their operations. Effective January 1, 2015, sections of the new capital rule were adopted recently by federal banking agencies. The PDF of the Guide is available for download on the FDIC’s website. Don’t forget that Cherry Bekaert is also available to provide community banks guidance regarding the new capital rule. If you are interested,. Read More.