Bill > HR6955

This bill, the Main Street Capital Access Act, aims to improve federal banking laws by promoting new bank formation, tailoring regulations, enhancing supervision transparency, and strengthening local bank funding. Key provisions include reducing the time for new bank applications, increasing transparency for the Community Development Financial Institutions (CDFI) Fund, and improving the CDFI Bond Guarantee Program. It also seeks to tailor regulations based on an institution's risk profile and business model, provide relief for small bank holding companies, and periodically adjust regulatory thresholds to account for inflation. The bill introduces measures for fairer bank supervision, including clearer criteria for CAMELS ratings (a system used to evaluate bank safety and soundness), timely examination reports, and an independent review process for supervisory determinations. It also addresses regulatory accountability by requiring agencies to state that guidance does not have the force of law and by mandating internal reviews of the cumulative impact of regulations. Furthermore, the bill aims to modernize the Federal Reserve's discount window operations, encourage local deposit retention, and clarify merger approval processes, particularly for smaller institutions. Finally, it includes provisions to facilitate innovation through bank-fintech partnerships and modernizes merchant banking rules.