Bill > HR4544

This bill, titled the "American Access to Banking Act," aims to promote the creation of new, regulated financial institutions, referred to as "de novo regulated institutions," by directing federal banking and credit union agencies to improve their application processes, review how these new institutions raise capital, and establish outreach programs. Specifically, federal agencies will review application forms to make them more efficient, seek information from other government sources to reduce applicant burdens, and examine capital-raising methods for new institutions while ensuring investor protections, including for individuals who are not considered "accredited investors" (individuals meeting certain income or net worth requirements). The bill also mandates that these agencies assign a "caseworker" to guide applicants through the process, offer a mentor-protégé program connecting new applicants with recently approved institutions, and develop plans to collaborate with state regulators and stakeholders, such as community development financial institutions and minority depository institutions, to support the formation of new banks and credit unions, especially in rural areas. Finally, the bill makes a technical adjustment to a discretionary surplus fund within the Federal Reserve Act, with that change taking effect in 2036.