Starting a new bank or credit union is harder than it used to be — the number of brand-new banks chartered each year has dropped sharply since the 2008 financial crisis. This bill would push the federal banking and credit union regulators (FDIC, OCC, Fed, NCUA) to streamline their application processes for new ("de novo") institutions, with each agency required to review its forms, assign a caseworker to each applicant, set up mentor-protégé matching with recently-chartered banks, and consult with state regulators. The agencies would have to report to Congress on what they've done annually for five years, with a focus on supporting rural banks, community development financial institutions, and minority depository institutions.
Congressional Summary
American Access to Banking ActThis 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.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-07-17
- Date Added
- 2026-05-15
- Source
- Congress.gov →
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