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B-332212 1 (2020-06-02)

handle is hein.gao/gaobaebku0001 and id is 1 raw text is: cKO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332212 June 2, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency; Federal Reserve System; Federal Deposit Insurance Corporation: Regulatory Capital Rule: Temporary Changes to the Community Bank Leverage Ratio Framework Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency; Federal Reserve System; Federal Deposit Insurance Corporation (the agencies) entitled Regulatory Capital Rule: Temporary Changes to the Community Bank Leverage Ratio Framework (RINs: 1557-AE88, 7100-AF84, 3064-AF45). We received the rule on May 20, 2020. It was published in the Federal Register as an interim final rule; request for comment on April 23, 2020. 85 Fed. Reg. 22924. The effective date of the rule is April 23, 2020. The interim final rule makes temporary changes to the community bank leverage ratio framework, pursuant to section 4012 of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), Pub. L. No. 116-136, 134 Stat. 281 (Mar. 27, 2020). According to the agencies, the community bank leverage ratio framework provides a simple measure of capital adequacy for community banking organizations that meet certain qualifying criteria. The agencies also stated that the community bank leverage ratio framework implements section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), Pub. L. No. 115-174, 132 Stat. 1296 (May 24, 2018), which requires the agencies to establish a community bank leverage ratio of not less than 8 percent and not more than 10 percent for qualifying community banking organizations. As of the second quarter of 2020, a banking organization with a leverage ratio of 8 percent or greater (and that meets other qualifying criteria) may elect to use the community bank leverage ratio framework, according to the agencies. The agencies stated that the statutory interim final rule also establishes a two-quarter grace period for a qualifying community banking organization whose leverage ratio falls below the 8 percent community bank leverage ratio requirement, so long as the banking organization

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