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EconomyH.R. 4544Comments

American Access to Banking Act

Official title: To direct certain Federal banking and credit union agencies to promote the formation of de novo regulated institutions through the review of application processes, the review of capital raising by de novo regulated institutions, and the establishment of various outreach programs, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

How Congress Voted

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What This Bill Does

This bill requires federal financial regulators to review and streamline the application process for the formation of de novo, or new, depository institutions or credit unions.

Regulators must (1) review the application process; (2) to the extent practicable, collect necessary information from other agencies in order to minimize requests for applicant information; and (3) review how de novo financial intuitions raise capital while maintaining investor protections, including the impact of restrictions on raising capital.

At the request of an applicant, regulators must (1) designate an employee as a caseworker to assist in the application process, and (2) provide a list of similar institutions interested in serving as a mentor.

Each regulator must also develop a state and stakeholder engagement plan to assist interested parties with understanding the relevant regulatory processes.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. House floor actionsConsidered as unfinished business. (consideration: CR H3645)
  3. Floor Vote
  4. Passed the House
  5. House floor actionsMr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  6. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-253.
  7. House committee actionsCommittee Consideration and Mark-up Session Held
  8. House committee actionsCommittee Consideration and Mark-up Session Held
  9. Library of CongressIntroduced in House
  10. House floor actionsReferred to the House Committee on Financial Services.
  11. Introduced
  12. Committee

Comments

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