American Access to Banking Act
Sponsored By: Representative Rep. Waters, Maxine [D-CA-43]
In Committee
Summary
Makes it easier to start new banks and credit unions by streamlining de novo applications and capital-raising rules. The bill would require agencies to simplify forms, limit duplicate data requests, and work with the Securities and Exchange Commission on investor protections and capital-raising restrictions.
Show full summary
- Prospective organizers and de novo institutions would get a designated agency caseworker on request and access to lists of recently approved institutions willing to mentor them.
- Federal agencies must publish progress reports starting in 1 year and then annually for 5 years to track application and capital-raising reforms.
- Agencies must develop a plan to consult State regulators and stakeholders to support rural institutions, community development financial institutions, and minority depository institutions, with the plan due in 2 years and updated every 5 years.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Easier approval for new banks and credit unions
If enacted, federal bank and credit union regulators would simplify applications to start a new institution and cut duplicate data requests. Agencies would try to pull needed information from other federal sources instead of asking applicants again. With the SEC, they would review how new institutions can raise money while protecting investors, including rules for non-accredited investors. The bill also clarifies that the process covers deposit or share insurance and Federal Reserve membership. It defines key terms so agencies and applicants know who is covered.
State outreach and yearly reports on new banks
If enacted, regulators would make a plan to work with State regulators and stakeholders to support new banks and credit unions. The plan must include help on how State-chartered institutions can request federal insurance, plus support for rural, community development, and minority depositories. Agencies must provide guidance, training, and regular workshops. Each agency would publish a progress report within 1 year after enactment and then every year for 5 years. They would submit the engagement plan to Congress within 2 years and every 5 years, and take public comments into account.
Caseworkers and mentors for new banks and credit unions
If enacted, at an applicant's request, each regulator would assign a caseworker to explain the steps and be the main contact. On request, regulators would share a list of recently approved peers willing to mentor new organizers. Agencies must post how to ask for or offer a mentor within 1 year after enactment. These are optional supports for groups forming a new bank or credit union.
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Sponsors & CoSponsors
Sponsor
Rep. Waters, Maxine [D-CA-43]
CA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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