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119th Congress > House > Vote 538
Clerk session vote number: 178
Sponsor: WATERS, Maxine (D-CA)
Description: American Access to Banking Act
Bill summary:
American Access to Banking Act
This bill requires federal financial regulators to review and streamline the application process for the formation of de novo, or new, depository institutions or credit unions.
Regulators must (1) review the application process; (2) to the extent practicable, collect necessary information from other agencies in order to minimize requests for applicant information; and (3) review how de novo financial intuitions raise capital while maintaining investor protections, including the impact of restrictions on raising capital.
At the request of an applicant, regulators must (1) designate an employee as a caseworker to assist in the application process, and (2) provide a list of similar institutions interested in serving as a mentor.
Each regulator must also develop a state and stakeholder engagement plan to assist interested parties with understanding the relevant regulatory processes.
Bill titles: To direct certain Federal banking and credit union agencies to promote the formation of de novo regulated institutions through the review of application processes, the review of capital raising by de novo regulated institutions, and the establishment of various outreach programs, and for other purposes.; To direct certain Federal banking and credit union agencies to promote the formation of de novo regulated institutions through the review of application processes, the review of capital raising by de novo regulated institutions, and the establishment of various outreach programs, and for other purposes.
Links for more info on the vote: congress.gov
