YourVoice.Now Summary
Transparency & AccountabilityCorporate BenefitsTargeted & Unrelated ProvisionsPushes regulators to make starting a new bank or credit union simpler — with caseworkers, mentors, and public reports.
Transparency & Accountability
Each regulator would post a report on its website within a year, then each year for five more years. It would say what the agency did and suggest any fixes.
Each regulator would write a plan for working with states and applicants. The public could comment first, and the plan goes to Congress every five years.
Corporate Benefits
Groups applying to open a new bank or credit union could ask for an agency caseworker. The caseworker would explain the process and be their main contact.
Targeted & Unrelated Provisions
The Fed's reserve banks may keep up to $6.825 billion in surplus funds; extra goes to the Treasury. The cap would fall to $6.801 billion on September 1, 2036.
More about this bill
Most people would see no direct change. The goal is to make it easier to start a new bank or credit union. Each federal bank and credit union regulator would review its application forms. Where it can, it would get facts from other agencies or public records instead of asking applicants. If asked, it would name a caseworker to walk organizers through the process. It would also share a list of recently approved banks willing to serve as mentors. Regulators and the Securities and Exchange Commission would study how new banks raise money while still protecting investors. Regulators would work with state officials and hold workshops. They would also seek input from rural banks, community development lenders, and minority-owned banks. They would post a public report each year for six years and take public comment on their plans. One unrelated line would shrink a Federal Reserve savings cushion. The Fed's reserve banks may keep up to $6.825 billion in surplus funds. Anything above that goes to the U.S. Treasury. On September 1, 2036, the cap would drop by $24 million, to $6.801 billion.
Congressional Summary
Congress's official summary of this bill still describes an earlier version of the text, so we have left it out here. You can read it on Congress.gov.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Passed House
- Action Date
- 2026-05-20
- Date Added
- 2026-05-15
- Source
- Congress.gov →
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