All Roll Calls
Yes: 405 • No: 4
119-hr-4544119th CongressWALLET
American Access to Banking Act
Sponsored By: Representative Waters, Maxine [D-CA-43]
Passed House
Summary
This bill would make it easier to start new banks and credit unions by streamlining application and capital-raising rules. It would also create caseworkers, mentorship networks, and state-stakeholder engagement to support rural and minority depository institutions.
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- Prospective founders and applicants would see simplified de novo application forms, fewer redundant information requests, and an optional designated caseworker who provides a tutorial and a single point of contact during the process.
- Capital raisers and investors would get a review of capital-raising requirements in consultation with the Securities and Exchange Commission, including scrutiny of limits affecting non-accredited investors, with agencies reporting results within 1 year and annually for 5 years.
- State regulators, community groups, and minority and rural institutions would gain regular consultations, guidance, training, and public plans to promote cooperation and de novo formation, with agency plans due to Congress within 2 years and updated every 5 years.
*It reduces the Federal Reserve’s Discretionary Surplus Fund by $24.0 million effective September 1, 2036.*
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Easier path to start new banks and credit unions
If enacted, federal banking regulators would make it easier to start a new bank or credit union. They would simplify forms and, when possible, pull needed data from other agencies. At your request, they would assign a caseworker for tutorials and be your main contact, and provide mentor lists with public guidance within 1 year. They would treat deposit or share insurance and Federal Reserve Bank membership as part of the same process, and review capital-raising rules with the SEC. Agencies would consult states and stakeholders, emphasize rural, community development, and minority institutions, file annual reports for 5 years starting within 1 year, and adopt a public engagement plan within 2 years with public comment and then every 5 years.
Small cut to Federal Reserve surplus
If enacted, the bill would lower a set amount in the Federal Reserve Act by $24 million. The change would take effect on September 1, 2036. It would adjust an internal Federal Reserve surplus fund and would not directly change your taxes or benefits.
Sponsors & CoSponsors
Sponsor
Waters, Maxine [D-CA-43]
CA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
house vote • 5/20/2026
On Motion to Suspend the Rules and Pass, as Amended
Yes: 405 • No: 4