H.R. 478 · 119th Congress
Promoting New Bank Formation Act
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R
BarrSponsor24 cosponsors · 24 R
R
Meuser
BC
R
Cline
MD
R
De La Cruz
TD
R
Downing
JE
R
Ellzey
BL
R
Loudermilk
CF
R
Franklin
BH
R
Huizenga
BK
R
Knott
WT
R
Timmons
BD
R
Donalds
ND
R
Dunn
MF
R
Flood
GP
R
Palmer
RW
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Williams
MA
R
Alford
AM
R
McDowell
JR
R
Rose
SF
R
Fitzgerald
DS
R
Schmidt
TM
R
Moore
JS
R
Shreve
ML
R
Lawler
PS
R
Sessions0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill eliminates and reduces certain requirements applicable to new depository institutions, certain rural community depository institutions, and federal savings associations.
What it does: CRS summary · Introduced in House · Jan 16, 2025
Promoting New Bank Formation Act
This bill eliminates and reduces certain requirements applicable to new depository institutions, certain rural community depository institutions, and federal savings associations.
Federal banking agencies must issue rules allowing a new depository institution or depository institution holding company three years to meet capital requirements. During this period, a depository institution or its depository institution holding company may request to deviate from an approved business plan, and the appropriate agency has 30 days to approve or deny the request.
In addition, the community bank leverage ratio—a way of evaluating debt levels—is reduced for new rural community depository institutions. Specifically, new rural community depository institutions must have a ratio of 8%, with a three-year phase-in of the rate. After this period, the ratio rises to its current level of 9%.
Finally, 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 New Bank Formation Act
Latest action (May 6, 2025): Placed on the Union Calendar, Calendar No. 64.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 16, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.