US HB6554

Amends the Federal Reserve Act to require the Chairman to select a Board member with community bank experience to develop policy recommendations and oversee supervision of banking organizations with less than $17 billion in total assets

Raises the asset threshold for community bank designation from $10 billion to $17 billion, with annual adjustments based on nominal GDP growth as determined by the Bureau of Economic Analysis

Requires the designated community bank member to appear at semi-annual hearings before the Senate Banking Committee and House Financial Services Committee to report on supervision efforts for smaller banking organizations

Mandates consultation between the community bank member and the Vice Chairman for Supervision, as well as with any other Board members having community bank experience

Amends the Federal Financial Institutions Examination Council Act of 1978 to require the Federal Reserve Governor on the Council to consult with the designated community bank member