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EconomyH.R. 478Not Yet VotedComments

Promoting New Bank Formation Act

Official title: To require the appropriate Federal banking agencies to establish a 3-year phase-in period for de novo financial institutions to comply with Federal capital standards, to provide relief for de novo rural community banks, and for other purposes.

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What Happened in Congress?

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, current stage
  4. Outcome, not yet

What This Bill Does

This bill eliminates and reduces certain requirements applicable to new depository institutions, certain rural community depository institutions, and federal savings associations.

Federal banking agencies must issue rules allowing a new depository institution or depository institution holding company three years to meet capital requirements. During this period, a depository institution or its depository institution holding company may request to deviate from an approved business plan, and the appropriate agency has 30 days to approve or deny the request.

In addition, the community bank leverage ratio, a way of evaluating debt levels, is reduced for new rural community depository institutions. Specifically, new rural community depository institutions must have a ratio of 8%, with a three-year phase-in of the rate. After this period, the ratio rises to its current level of 9%.

Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.

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Related Documents

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

Timeline

  1. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
  2. House committee actionsCommittee Consideration and Mark-up Session Held
  3. Library of CongressIntroduced in House
  4. House floor actionsReferred to the House Committee on Financial Services.
  5. Introduced
  6. Committee

Comments

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