[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6955 Reported in House (RH)]
<DOC>
Union Calendar No. 535
119th CONGRESS
2d Session
H. R. 6955
[Report No. 119-617]
To make improvements to the Federal banking laws, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 7, 2026
Mr. Hill of Arkansas (for himself, Mr. Barr, Mr. Huizenga, Mr. Lucas,
Mr. Sessions, Mrs. Wagner, Mr. Williams of Texas, Mr. Emmer, Mr.
Loudermilk, Mr. Davidson, Mr. Rose, Mr. Steil, Mr. Timmons, Mr.
Stutzman, Mr. Norman, Mr. Meuser, Mrs. Kim, Mr. Donalds, Mr. Garbarino,
Mr. Fitzgerald, Mr. Flood, Mr. Lawler, Ms. De La Cruz, Mr. Ogles, Mr.
Nunn of Iowa, Mrs. McClain, Ms. Salazar, Mr. Downing, Mr. Haridopolos,
and Mr. Moore of North Carolina) introduced the following bill; which
was referred to the Committee on Financial Services
April 20, 2026
Additional sponsors: Mr. Kennedy of Utah, Mr. Knott, Mr. Calvert, and
Mrs. Fedorchak
April 20, 2026
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on January
7, 2026]
_______________________________________________________________________
A BILL
To make improvements to the Federal banking laws, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Main Street
Capital Access Act'' or the ``Main Street Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS
Sec. 101. Promoting New Bank Formation.
Sec. 102. New Bank Application Numbers Knowledge.
Sec. 103. Rural Depositories Revitalization Studies.
Sec. 104. Community Investment and Prosperity.
Sec. 105. CDFI Fund Transparency.
Sec. 106. CDFI Bond Guarantee Improvement.
TITLE II--TAILORING BANK REGULATION
Sec. 201. Taking Account of Institutions with Low Operation Risk.
Sec. 202. Small Bank Holding Company Relief.
Sec. 203. Community Bank Leverage Improvement and Flexibility for
Transparency.
Sec. 204. Tailoring and Indexing Enhanced Regulations.
Sec. 205. Community Bank Regulatory Tailoring.
Sec. 206. Credit Union Board Modernization.
TITLE III--FAIR AND TRANSPARENT BANK SUPERVISION
Sec. 301. Halting Uncertain Methods and Practices in Supervision.
Sec. 302. Fair Audits and Inspections for Regulators' Exams.
Sec. 303. Supervisory Modifications for Appropriate Risk-based Testing.
Sec. 304. Tailored Regulatory Updates for Supervisory Testing.
Sec. 305. Financial Integrity and Regulation Management.
TITLE IV--REGULATORY ACCOUNTABILITY AND TRANSPARENCY
Sec. 401. FDIC Board Accountability.
Sec. 402. Stop Agency Fiat Enforcement of Guidance.
Sec. 403. Regulatory Efficiency, Verification, Itemization, and
Enhanced Workflow.
Sec. 404. American Financial Institution Regulatory Sovereignty and
Transparency.
TITLE V--STRENGTHENING LOCAL BANK FUNDING
Sec. 501. Bringing the Discount Window into the 21st Century.
Sec. 502. Keeping Deposits Local.
Sec. 503. Community Bank Deposit Access.
TITLE VI--PROMOTING BANK COMPETITION AND MERGER CLARITY
Sec. 601. Bank Competition Modernization.
Sec. 602. Merger Agreement Approvals Clarity and Predictability.
Sec. 603. Merger Process Review.
Sec. 604. Bank Failure Prevention.
TITLE VII--STRENGTHENING TRANSPARENCY AND INVOLVEMENT IN BANK
RESOLUTIONS
Sec. 701. Least Cost Exception.
Sec. 702. Enhancing Bank Resolution Participation.
Sec. 703. Failing Bank Acquisition Fairness.
Sec. 704. Systemic Risk Authority Transparency.
TITLE VIII--FACILITATING INNOVATION AND BANK PARTNERSHIPS
Sec. 801. Merchant Banking Modernization.
Sec. 802. Bank-Fintech Partnership Enhancement.
TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS
SEC. 101. PROMOTING NEW BANK FORMATION.
(a) Phase-In of Capital Standards.--Notwithstanding any other
provision of law, the Federal banking agencies shall issue rules that
provide for a 3-year phase-in period for a depository institution or
depository institution holding company to meet any Federal capital
requirements that would otherwise be applicable to the depository
institution or depository institution holding company, beginning on--
(1) the date on which the depository institution became an
insured depository institution; or
(2) in the case of a depository institution holding
company, the date on which the depository institution
subsidiary of the depository institution holding company became
an insured depository institution.
(b) Changes to Business Plans.--
(1) In general.--During the 3-year period beginning on the
date on which a depository institution became an insured
depository institution, if, as a condition of approval, the
appropriate Federal banking agency imposes a requirement to
obtain prior approval before deviating from a business plan,
the insured depository institution or its depository
institution holding company may request to deviate materially
from a business plan that has been approved by the appropriate
Federal banking agency by submitting a request to such agency
pursuant to this section.
(2) Review of changes.--The appropriate Federal banking
agency shall, not later than the end of the 30-day period
beginning on the receipt of a request under paragraph (1)--
(A) approve, conditionally approve, or deny such
request; and
(B) notify the applicant of such decision and, if
the agency denies the request--
(i) provide the applicant with the reason
for such denial; and
(ii) suggest changes to the request that,
if adopted, would allow the agency to approve
such request.
(3) Result of failure to act.--If an appropriate Federal
banking agency fails to approve or deny a request within the
30-day period required under paragraph (2), such request shall
be deemed to be approved.
(c) Rural Community Depository Institution Leverage Ratio.--
(1) In general.--During the 3-year period beginning on the
date on which a rural depository institution became an insured
depository institution, the Community Bank Leverage Ratio for
the rural community bank shall be the lesser of--
(A) the Community Bank Leverage Ratio adopted by
the Federal banking agencies pursuant to section
201(b)(1) of the Economic Growth, Regulatory Relief,
and Consumer Protection Act (12 U.S.C. 5371 note); or
(B) 7.5 percent.
(2) Phase-in authority.--The Federal banking agencies shall
issue rules to phase-in the Community Bank Leverage Ratio
described under paragraph (1) with respect to a rural
depository institution by setting lower Community Bank Leverage
Ratio percentages during the first 2 years of the 3-year period
described under paragraph (1).
(3) Definitions.--In this subsection:
(A) Community bank leverage ratio.--The term
``Community Bank Leverage Ratio'' has the meaning given
that term under section 201(a) of the Economic Growth,
Regulatory Relief, and Consumer Protection Act (12
U.S.C. 5371 note).
(B) Rural area.--The term ``rural area'' means--
(i) a county that is neither in a
metropolitan statistical area nor in a
micropolitan statistical area that is adjacent
to a metropolitan statistical area, as those
terms are defined by the Office of Management
and Budget and as they are applied under
applicable Urban Influence Codes, established
by the Department of Agriculture's Economic
Research Service; or
(ii) a census block that is not in an urban
area, as defined by the Bureau of the Census
using the latest decennial census of the United
States.
(C) Rural depository institution.--The term ``rural
depository institution'' means a depository
institution--
(i) with total consolidated assets of less
than $10,000,000,000; and
(ii) located in a rural area.
(d) Agricultural Loan Authority for Federal Savings Associations.--
Section 5(c) of the Home Owners' Loan Act (12 U.S.C. 1464(c)) is
amended--
(1) in paragraph (1), by adding at the end the following:
``(V) Agricultural loans.--Secured or unsecured
loans for agricultural purposes.''; and
(2) in paragraph (2)(A), by striking ``business, or
agricultural'' and inserting ``or business''.
(e) Study on De Novo Insured Depository Institutions.--
(1) Study.--The Federal banking agencies shall, jointly,
carry out a study on--
(A) the principal causes for the low number of de
novo insured depository institutions in the 10-year
period ending on the date of enactment of this Act; and
(B) ways to promote more de novo insured depository
institutions in areas currently underserved by insured
depository institutions.
(2) Report to congress.--Not later than the end of the 1-
year period beginning on the date of enactment of this Act, the
Federal banking agencies shall, jointly, issue a report to the
Committee on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban Affairs of the
Senate containing all findings and determinations made in
carrying out the study required under paragraph (1).
(f) Definitions.--In this section, the terms ``appropriate Federal
banking agency'', ``depository institution'', ``depository institution
holding company'', ``Federal banking agency'', and ``insured depository
institution'' have the meaning given those terms, respectively, under
section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
SEC. 102. NEW BANK APPLICATION NUMBERS KNOWLEDGE.
(a) Annual Report on National Bank and Federal Savings Association
Charter Applications.--The Comptroller of the Currency shall publish an
annual report that includes the following, or with respect to any
equivalent procedure used by the Office of the Comptroller of the
Currency includes the following:
(1) The number of applications for a national bank or
Federal savings association charter received, approved on a
preliminary basis, approved on a final basis, denied,
withdrawn, inactive, expired, mooted, returned, returned
pending resubmission, or otherwise dispositioned.
(2) The mean and median times for preliminary approval of
such applications.
(3) The mean and median times for final approval of such
applications.
(4) To the extent practicable, common reasons leading to
the denial, withdrawal, or expiration of preliminary approval
of such applications.
(b) Annual Report on Federal Credit Union Charter Applications.--
The National Credit Union Administration shall publish an annual report
that includes the following, or with respect to any equivalent
procedure used by the Board includes the following:
(1) The number of Federal credit union charter applications
received, approved on a final basis, denied, withdrawn,
inactive, or returned pending resubmission.
(2) The mean and median times for final approval of such
applications.
(3) To the extent practicable, common reasons leading to
application denial, withdrawal, inactivity, or to applications
being returned for resubmission.
(c) Annual Report on Depository Institution Holding Company
Applications.--
(1) In general.--The Board of Governors of the Federal
Reserve System shall publish an annual report that includes the
following, or with respect to any equivalent procedure used by
the Board of Governors includes the following:
(A) The number of applications to become a top-tier
depository institution holding company received,
approved on a preliminary basis, approved on a final
basis, denied, withdrawn, inactive, expired, mooted,
returned, returned pending resubmission, or otherwise
dispositioned.
(B) The mean and median times to approve such
applications.
(C) To the extent practicable, common reasons
leading to denial or withdrawal of such applications.
(2) Top-tier depository institution holding company
defined.--In this subsection, the term ``top-tier depository
institution holding company'' means a depository institution
holding company (as defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813)) that is not controlled by any
other depository institution holding company.
(d) Annual Report on Federal Deposit Insurance Applications.--The
Federal Deposit Insurance Corporation shall publish an annual report
that includes the following, or with respect to any equivalent
procedure used by the Corporation includes the following:
(1) The number of applications for deposit insurance
received, approved on a preliminary basis, approved on a final
basis, denied, withdrawn, inactive, expired, mooted, returned,
returned pending resubmission, or otherwise dispositioned.
(2) The mean and median times to approve such applications.
(3) To the extent practicable, common reasons leading to
denial or withdrawal of such applications.
(e) Annual Report on State Depository Institution and State Credit
Union Charter Applications.--
(1) In general.--The Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance Corporation, and
the National Credit Union Administration Board shall, jointly,
and in consultation with State banking regulators and State
credit union regulators, publish an annual report that includes
the following, or with respect to any equivalent procedure used
by such agencies includes the following:
(A) The number of applications for a State
depository institution charter received, approved on a
preliminary basis, approved on a final basis, denied,
withdrawn, inactive, expired, mooted, returned,
returned pending resubmission, or otherwise
dispositioned.
(B) The mean and median times to approve such
applications, with times for each State shown
separately.
(C) To the extent practicable, common reasons
leading to denial or withdrawal of such applications.
(2) Definitions.--In this subsection:
(A) State.--The term ``State'' means any State of
the United States, the District of Columbia, and any
territory of the United States.
(B) State depository institution.--The term ``State
depository institution'' means--
(i) a State depository institution, as
defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813); and
(ii) a State credit union, as defined in
section 101 of the Federal Credit Union Act (12
U.S.C. 1752).
SEC. 103. RURAL DEPOSITORIES REVITALIZATION STUDIES.
(a) Study on Rural Depository Institutions.--The Federal banking
agencies shall, jointly, carry out a study--
(1) to identify methods to improve the growth, capital
adequacy, and profitability of depository institutions in the
United States that primarily serve rural areas; and
(2) to identify Federal statutes (other than appropriations
Acts) or regulations of the Federal banking agencies that
limit--
(A) the methods identified under paragraph (1); or
(B) the establishment of de novo depository
institutions in rural areas.
(b) Report on Rural Depository Institutions.--Not later than 1 year
after the date of enactment of this Act, the Federal banking agencies
shall, jointly, issue a report to the Committee on Financial Services
of the House of Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate containing all findings and
determinations made in carrying out the study required under subsection
(a).
(c) Study on Rural Credit Unions.--The National Credit Union
Administration shall carry out a study--
(1) to identify methods to improve the growth, capital
adequacy, and profitability of insured credit unions in the
United States that primarily serve rural areas; and
(2) to identify Federal statutes (other than appropriations
Acts) or regulations of the National Credit Union
Administration that limit--
(A) the methods identified under paragraph (1); or
(B) the establishment of de novo insured credit
unions in rural areas.
(d) Report on Rural Credit Unions.--Not later than 1 year after the
date of enactment of this Act, the National Credit Union Administration
shall issue a report to the Committee on Financial Services of the
House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate containing all findings and determinations
made in carrying out the study required under subsection (c).
(e) Definitions.--In this section:
(1) Depository institution.--The term ``depository
in