Communities First Act

[AI summary unavailable — showing source text] Community Banks Serving Their Communities First Act, or the Communities First Act - Sets forth regulatory relief measures for community banks, including amendments to: (1) the Home Mortgage Disclosure Act to increase from $10 million to $250 million the asset levels of depository institution and home mortgage lenders that are exempt from disclosure requirements; (2) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; and (3) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from management assessment of internal controls requirements. Directs the Federal Reserve Board to publish proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that provide that: (1) the policy shall apply to a bank holding company with pro forma consolidated assets of less than $1 billion that meets specified criteria; and (2) the debt-to-equity ratio allowable for a small bank holding company to remain eligible to pay a corporate dividend and for expedited processing procedures would increase from 1:1 to 3:1. Amends the Federal Deposit…