[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4544 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 4544
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 17, 2025
Ms. Waters introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``American Access to Banking Act''.
SEC. 2. STREAMLINING APPLICATION PROCESS AND REVIEW OF CAPITAL RAISING
BY DE NOVO REGULATED INSTITUTIONS.
(a) In General.--Each of the Federal financial institutions
regulatory agencies shall--
(1) for the purpose of simplifying and streamlining the
process of applying to become a de novo regulated institution,
conduct a review of any application forms related to such
process;
(2) to the extent practicable, gather information needed
from applicants seeking to become a de novo regulated
institution from other Federal Government agencies or public
sources to minimize information requests of such applicants;
and
(3) in consultation with the Securities and Exchange
Commission, review how de novo regulated institutions raise
capital while maintaining investor protections, including the
impact of--
(A) general capital raising restrictions; and
(B) capital raising restrictions related to
individuals who are not accredited investors.
(b) Report.--Not later than 1 year after the date of the enactment
of this section, and annually for 5 years thereafter, each of the
Federal financial institutions regulatory agencies shall submit to the
Congress and publish on a public website of such agency a report that
contains--
(1) a description of the actions taken by such agency
pursuant to subsection (a); and
(2) as appropriate, any administrative or legislative
recommendations with respect to the purpose described in
subsection (a)(3).
SEC. 3. IMPROVING COMMUNICATION WITH DE NOVO REGULATED INSTITUTIONS.
(a) In General.--Each of the Federal financial institutions
regulatory agencies shall, at the request of an applicant to become a
de novo regulated institution, designate an employee of the agency as a
caseworker, who may perform such duty in addition to the other duties
of the employee.
(b) Caseworker Duties.--Each caseworker described in subsection (a)
shall, to the maximum extent practicable--
(1) meet with the lead organizers applying to become a de
novo regulated institution to provide a tutorial with respect
to the application process; and
(2) be the primary point of contact of the respective
Federal financial institutions regulatory agency for such
organizers during the application process.
(c) New Caseworker.--Each agency described in subsection (a) may
designate a new caseworker, as appropriate, to support continuity based
on staffing and responsibilities assigned to the current caseworker.
SEC. 4. DE NOVO MENTOR-PROTEGE PARTNERSHIPS.
(a) In General.--At the request of an institution that seeks to
become a de novo regulated institution, each of the Federal financial
institutions regulatory agencies shall, to the maximum extent
practicable, provide a list to such institution of similar types of
institutions that--
(1) were recently approved to become a de novo regulated
institution; and
(2) are interested in volunteering to serve as a mentor to
provide advice about the de novo application process.
(b) Mentorship Information.--Not later than 1 year after the date
of the enactment of this section, each of the Federal financial
institutions regulatory agencies shall provide public information and
directions on how an institution may request a mentor or serve as a
mentor as described in subsection (a).
SEC. 5. STATE AND STAKEHOLDER ENGAGEMENT PLAN.
(a) In General.--Each of the Federal financial institutions
regulatory agencies shall develop a plan to--
(1) regularly consult with State regulators to promote
cooperation between State and Federal banking and credit union
agencies in the creation of de novo regulated institutions,
including responding to any State regulator that requests
assistance on how a State-chartered financial institution can
request Federal insurance;
(2) regularly consult with stakeholders, including
applicants to become de novo regulated institutions and
recently approved regulated institutions, to inform any reforms
that may support the creation of de novo regulated
institutions, including rural institutions, community
development financial institutions, and minority depository
institutions; and
(3) provide guidance, training material, and regular
workshops to assist any interested parties to understand such
agencies processes.
(b) Submission to Congress.--
(1) In general.--Not later than 2 years after the date of
the enactment of this section, and every 5 years thereafter,
each of the Federal financial institutions regulatory agencies
shall submit to the Congress the respective plan of such agency
described in subsection (a).
(2) Public comment.--With respect to developing the plan
described in subsection (a), each of the Federal financial
institutions regulatory agencies shall--
(A) provide an opportunity for public comments; and
(B) take such public comments into consideration.
SEC. 6. DEFINITIONS.
(a) In General.--In this Act:
(1) Federal banking agency.--The term ``Federal banking
agency'' has the meaning given the term in section 3 of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(2) Federal financial institutions regulatory agencies.--
The term ``Federal financial institutions regulatory agencies''
has the meaning given the term in section 1003 of the Federal
Financial Institutions Examination Council Act of 1978 (12
U.S.C. 3302).
(3) Regulated institution.--The term ``regulated
institution'' means--
(A) with respect to a Federal banking agency, a
depository institution (as such term is defined in
section 3 of the Federal Deposit Insurance Act (12
U.S.C. 1813)) for which the Federal banking agency is
the appropriate Federal banking agency (as such term is
defined in such section 3); and
(B) with respect to the National Credit Union
Administration, an insured credit union (as such term
is defined in section 101 of the Federal Credit Union
Act (12 U.S.C. 1752)).
(4) State.--The term ``State'' means each of the several
States, the District of Colombia, and each territory of the
United States.
(5) State regulator.--The term ``State regulator'' means--
(A) with respect to a Federal banking agency, a
State banking regulator; and
(B) with respect to the National Credit Union
Administration, the State regulatory agency having
jurisdiction over a State credit union (as such term is
defined in section 101 of the Federal Credit Union Act
(12 U.S.C. 1752)).
(b) Rule of Construction.--For purposes of this Act, the process of
applying to become a de novo regulated institution shall include the
process of applying for Federal deposit insurance, Federal share
insurance, or membership of a Federal reserve bank.
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