Support for New Banks and Financial Access in Rural Areas.
This act aims to facilitate the establishment of new banks, especially in rural areas lacking financial services. This could provide residents in these regions easier access to loans and other banking services, potentially improving their financial situation and local economic development.
Key points
New banks will have a 3-year period to meet full capital requirements, easing their start-up phase.
Rural community banks will have reduced capital requirements for their first 3 years of operation.
Banks will have more flexibility to adjust their business plans during their initial operating period.
Federal savings associations will gain authority to issue agricultural loans, supporting farming.
Expired
Citizen Poll