{"identifier":"/us/usc/t15/s9050","title":15,"num":"\u00a7\u202f9050.","heading":"Temporary relief for community banks","text":"\u00a7\u202f9050.\nTemporary relief for community banks\n(a)\nDefinitions\nIn this section\u2014\n(1) the term \u201cappropriate Federal banking agency\u201d has the meaning given the term in section 2 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (\n12 U.S.C. 5365\n(2) the terms \u201cCommunity Bank Leverage Ratio\u201d and \u201cqualifying community bank\u201d have the meanings given the terms in section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (\n12 U.S.C. 5371\n(b)\nInterim rule\n(1)\nIn general\nNotwithstanding any other provision of law or regulation, the appropriate Federal banking agencies shall issue an interim final rule that provides that, for the purposes of section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (\n(A) the Community Bank Leverage Ratio shall be 8 percent; and\n(B) a qualifying community bank that falls below the Community Bank Leverage Ratio established under subparagraph (A) shall have a reasonable grace period to satisfy the Community Bank Leverage Ratio.\n(2)\nEffective period\nThe interim rule issued under paragraph (1) shall be effective during the period beginning on the date on which the appropriate Federal banking agencies issue the rule and ending on the sooner of\u2014\n(A) the termination date of the national emergency concerning the novel coronavirus disease (COVID\u201319) outbreak declared by the President on\nMarch 13, 2020\n50 U.S.C. 1601\n(B) December 31, 2020\n(c)\nGrace period\nDuring a grace period described in subsection (b)(1)(B), a qualifying community bank to which the grace period applies may continue to be treated as a qualifying community bank and shall be presumed to satisfy the capital and leverage requirements described in section 201(c) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (\n12 U.S.C. 5371","url":"https://projectusc.org/usc/t15/s9050.html","content":[{"t":"sec","id":"/us/usc/t15/s9050","children":[{"t":"num","text":"\u00a7\u202f9050."},{"t":"heading","text":"Temporary relief for community banks"},{"t":"subsec","id":"/us/usc/t15/s9050/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"In this section\u2014"},{"t":"para","id":"/us/usc/t15/s9050/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the term \u201cappropriate Federal banking agency\u201d has the meaning given the term in section 2 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (","children":[{"t":"ref","text":"12 U.S.C. 5365","href":"/us/usc/t12/s5365","tail":" note); and"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9050/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the terms \u201cCommunity Bank Leverage Ratio\u201d and \u201cqualifying community bank\u201d have the meanings given the terms in section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (","children":[{"t":"ref","text":"12 U.S.C. 5371","href":"/us/usc/t12/s5371","tail":" note)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s9050/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Interim rule"},{"t":"para","id":"/us/usc/t15/s9050/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"Notwithstanding any other provision of law or regulation, the appropriate Federal banking agencies shall issue an interim final rule that provides that, for the purposes of section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (","children":[{"t":"ref","text":"12 U.S.C. 5371","href":"/us/usc/t12/s5371","tail":" note)\u2014"}]},{"t":"subpara","id":"/us/usc/t15/s9050/b/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the Community Bank Leverage Ratio shall be 8 percent; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9050/b/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" a qualifying community bank that falls below the Community Bank Leverage Ratio established under subparagraph (A) shall have a reasonable grace period to satisfy the Community Bank Leverage Ratio.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9050/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Effective period"},{"t":"chapeau","text":"The interim rule issued under paragraph (1) shall be effective during the period beginning on the date on which the appropriate Federal banking agencies issue the rule and ending on the sooner of\u2014"},{"t":"subpara","id":"/us/usc/t15/s9050/b/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the termination date of the national emergency concerning the novel coronavirus disease (COVID\u201319) outbreak declared by the President on ","children":[{"t":"text","text":"March 13, 2020","tail":" under the National Emergencies Act ("},{"t":"ref","text":"50 U.S.C. 1601","href":"/us/usc/t50/s1601","tail":" et seq.); or"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9050/b/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" ","children":[{"t":"text","text":"December 31, 2020","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s9050/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Grace period"},{"t":"content","children":[{"t":"p","text":"During a grace period described in subsection (b)(1)(B), a qualifying community bank to which the grace period applies may continue to be treated as a qualifying community bank and shall be presumed to satisfy the capital and leverage requirements described in section 201(c) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (","children":[{"t":"ref","text":"12 U.S.C. 5371","href":"/us/usc/t12/s5371","tail":" note)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}