American Access to Banking

Summary#

This bill directs federal financial regulators to make it easier to create new insured banks and credit unions (called de novo regulated institutions). Agencies must review and simplify application forms, try to get needed applicant information from other federal sources, and work with the Securities and Exchange Commission to study how new institutions raise capital, including rules affecting non‑accredited investors. Agencies must report to Congress within 1 year and then yearly for 5 years about actions taken and recommendations.

The bill also requires agencies to provide a caseworker to applicants on request to give a tutorial and be the main contact during the application process. Agencies must offer lists of recently approved institutions that are willing to mentor new applicants and publish how to request or serve as a mentor. Agencies must create plans to consult with State regulators and stakeholders (including rural institutions, community development financial institutions, and minority depository institutions), provide guidance and workshops, seek public comment when developing plans, and send those plans to Congress within 2 years and every 5 years after.

The bill defines terms such as Federal banking agency, regulated institution, State, and State regulator. It also clarifies that applying to become a de novo regulated institution includes applying for federal deposit or share insurance or membership in a Federal Reserve bank.

What it means for you#

  • If you are organizing a new bank or credit union: agencies would review application forms, try to reduce duplicate information requests, offer a caseworker to guide you, and provide mentor contacts and training materials.
  • If you are a recent or potential new institution: the bill asks regulators to study how capital is raised for new institutions and to consider rules for non‑accredited investors.
  • If you are a State regulator or stakeholder: agencies must consult with you, provide training, and respond to requests about how a State‑chartered institution can seek federal insurance.
  • If you are a member of the public: agencies must publish reports and plans and allow public comment on engagement plans.

Expenses#

No publicly available information.

Proponents' View#

The bill is written to simplify and streamline the process of forming new insured banks and credit unions, improve communication and outreach (including assigning caseworkers and mentor lists), and to review capital‑raising rules to support formation of new institutions, with attention to rural, community development, and minority depository institutions.

Opponents' View#

No publicly available information.