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Making it Easier to Open New Banks and Credit Unions for Better Financial Access.

This law requires federal financial regulators to study and create a plan to simplify the process of establishing new banks and credit unions, particularly those serving minority groups or focused on community development. The goal is to increase the availability of banking and credit services, especially in areas currently lacking local branches. Citizens should benefit from greater choice and improved access to essential financial services.
Key points
Federal regulators must analyze the obstacles faced by groups trying to open new banks and credit unions.
Within 18 months, a public strategic plan must be developed to increase the number of new financial institutions, focusing on underserved geographic areas.
The public will be invited to provide comments and feedback to inform the study and the strategic plan.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_2252
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2023-07-12
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promoting New and Diverse Depository Institutions Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2252.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-12.

What are the main provisions?

Key points include:

  • Federal regulators must analyze the obstacles faced by groups trying to open new banks and credit unions.
  • Within 18 months, a public strategic plan must be developed to increase the number of new financial institutions, focusing on underserved geographic areas.
  • The public will be invited to provide comments and feedback to inform the study and the strategic plan.
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 Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy