Bill > HR6955

This bill, known as the Main Street Capital Access Act or Main Street Act, aims to improve federal banking laws by promoting new bank formation, tailoring regulations for smaller institutions, enhancing transparency in bank supervision, and strengthening local bank funding. Key provisions include a three-year phase-in period for new capital requirements for depository institutions, allowing flexibility for business plan changes, and establishing a specific leverage ratio for rural community banks. It also mandates annual reports from various federal banking agencies on charter and application processes to increase transparency, and requires studies on revitalizing rural depositories and improving CDFI (Community Development Financial Institutions) Fund operations and bond guarantee programs. The bill seeks to tailor regulations by considering institutions' risk profiles and business models, offering relief for small bank holding companies, and adjusting asset thresholds for enhanced regulations to account for inflation. It also introduces measures for fairer bank supervision, including clearer criteria for CAMELS (Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity to market risk) ratings, timely examination reports, and a right to independent review of material supervisory determinations. Furthermore, it aims to modernize the Federal Reserve's discount window operations, keep deposits local by adjusting rules for reciprocal deposits, and clarify merger approval processes, particularly for smaller institutions. Finally, the bill promotes innovation by modernizing merchant banking rules and studying bank-fintech partnerships.