Bill > S4517

This bill, titled the "Rural Depositories Revitalization Study Act," mandates that key federal financial regulatory bodies, specifically the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively referred to as "Federal banking agencies"), conduct a joint study. This study aims to discover ways to boost the growth, financial strength (capital adequacy), and profitability of financial institutions, known as "depository institutions" (which include banks and savings associations), that primarily operate in rural areas. Additionally, the study will pinpoint any federal laws or regulations from these agencies that might hinder these improvement methods or the creation of new depository institutions in rural locations. The National Credit Union Administration (NCUA), a separate agency that oversees credit unions, will conduct a similar study focused on credit unions in rural areas. Both the Federal banking agencies and the NCUA are required to present their findings and conclusions to Congress in a report within one year of the bill's enactment.