Bill > HR4544

This bill aims to simplify and support the process of creating new banks and credit unions (known as "de novo regulated institutions") by directing federal banking and credit union agencies to take several key actions. The agencies are required to streamline application forms, minimize information requests by gathering data from other sources, and review capital raising practices while protecting investors. They must designate a caseworker for each applicant to provide guidance, offer a mentor-matching service connecting new institutions with recently established similar institutions, and develop an engagement plan to consult regularly with state regulators and stakeholders. The bill mandates annual reports to Congress detailing the agencies' efforts and potential recommendations, and requires public input on their plans. Importantly, the bill seeks to support the creation of diverse financial institutions, including those serving rural areas, community development, and minority communities. The legislation applies to various federal banking agencies and covers institutions like banks, credit unions, and other depository institutions, with the goal of making it easier for new financial institutions to enter the market while maintaining regulatory oversight and investor protections.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4544/all-info