Community Bankers Association of Illinois

CBAI-Backed SEC Registration Legislation Passes the U.S. House of Representatives
November 2, 2011

Today the United States House of Representatives voted overwhelmingly to pass H.R. 1965, a Community Bankers Association of Illinois supported bill that would help reduce the regulatory burden on community banks.

This bipartisan legislation would raise the Securities and Exchange Commission shareholder registration threshold for banks and bank holding companies from 500 shareholders to 2,000. It would also increase the deregistration threshold from 300 to 1,200 shareholders for banks and bank holding companies. Because community banks are subject to very close regulatory scrutiny these thresholds can easily be changed without increasing investor risk. An update of section 12(g) of the Securities and Exchange Act of 1934 was long overdue and will allow community banks to focus their attention and resources on their customers rather than expensive and unnecessary registration requirements.

We sincerely appreciate the "yes" votes of every House member from Illinois with the exception of Congressman Rush (D-01) who was recorded as "not voting".

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