H.R. 8410 · 116th Congress
Promoting Access to Capital in Underbanked Communities Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BarrSponsor3 cosponsors · 3 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Promoting Access to Capital in Underbanked Communities Act of 2020
What it does: CRS summary · Introduced in House · Sep 29, 2020
Promoting Access to Capital in Underbanked Communities Act of 2020
This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations.
Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution may request to deviate from an approved business plan and the appropriate agency has 30 days to approve or deny the request.
The community bank leverage ratio—a way of evaluating debt levels—is reduced for certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio must not be less than 8% and not more than 10%.
The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Promoting Access to Capital in Underbanked Communities Act of 2020
Latest action (Sep 29, 2020): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 29, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.