On Motion to Suspend the Rules and Pass, as Amended
✓ PassedPassed405 Yea · 4 Nay · 21 Not Voting
Yea:205 D199 R
Nay:0 D4 R
What This Bill Does
American Access to Banking ActThis bill requires federal financial regulators to review and streamline the application process for the formation of de novo, or new, depository institutions or credit unions.Regulators must (1) review the application process; (2) to the extent practicable, collect necessary information from other agencies in order to minimize requests for applicant information; and (3) review how de novo financial intuitions raise capital while maintaining investor protections, including the impact of restrictions on raising capital.At the request of an applicant, regulators must (1) designate an employee as a caseworker to assist in the application process, and (2) provide a list of similar institutions interested in serving as a mentor.Each regulator must also develop a state and stakeholder engagement plan to assist interested parties with understanding the relevant regulatory processes.
This bill makes it easier for people to access banking services.
What it actually does
This bill streamlines the application process for new depository institutions or credit unions by improving information sharing, designating caseworkers, and developing engagement plans.
Watch Items
•The title could lead readers to believe the bill improves consumer access to banking services, while it primarily benefits new financial institutions.
•It implies the bill addresses existing barriers to access, when in fact it's focused on the regulatory process.
•The bill's focus on regulator efficiency might not be immediately clear, leading to a misimpression that the bill directly benefits consumers.