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Support for New Banks and Capital Access in Underbanked Communities

This act aims to facilitate the establishment of new banks, especially in rural areas, by introducing more flexible capital and business rules. This could provide citizens in these regions with easier access to financial services and credit, potentially supporting local economies and development. The changes seek to increase competition and banking accessibility where it is currently limited.
Key points
New banks will have a 3-year period to comply with federal capital requirements, easing their start-up and growth.
Rural banks will benefit from a reduced Community Bank Leverage Ratio for the first 3 years, lowering regulatory burdens.
Banks will have more flexibility to modify their business plans during their initial operating period.
Federal banking agencies will study the reasons for the low number of new banks and propose ways to promote more in underserved areas.
Federal savings associations will gain new authority to make agricultural loans, potentially increasing financing options for farmers.
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Expired
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Additional Information
Print number: 118_HR_758
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-02-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promoting Access to Capital in Underbanked Communities Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_758.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-02.

What are the main provisions?

Key points include:

  • New banks will have a 3-year period to comply with federal capital requirements, easing their start-up and growth.
  • Rural banks will benefit from a reduced Community Bank Leverage Ratio for the first 3 years, lowering regulatory burdens.
  • Banks will have more flexibility to modify their business plans during their initial operating period.
  • Federal banking agencies will study the reasons for the low number of new banks and propose ways to promote more in underserved areas.
  • Federal savings associations will gain new authority to make agricultural loans, potentially increasing financing options for farmers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 649.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy