Bill > HR6551

This bill, known as the "New BANK Act of 2025," requires several federal financial regulatory agencies to publish annual reports providing detailed transparency about banking and financial institution charter applications. Specifically, the Comptroller of the Currency, the National Credit Union Administration Board, the Federal Reserve Board, and the Federal Deposit Insurance Corporation must each produce annual reports that disclose the number of applications received, approved, denied, or withdrawn in their respective domains, along with statistical information like median and mean processing times and common reasons for application denials. The bill also mandates a joint annual report from these agencies and state banking regulators that will provide a comprehensive view of state-level depository institution and credit union charter applications, with detailed breakdowns for each state. The reports aim to increase transparency in the process of establishing new financial institutions by providing standardized, publicly accessible data about application processing, which could help potential applicants better understand the regulatory landscape and improve their application strategies.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6551/all-info