Promoting New Bank Formation Act
Sponsor
Full profile: /officials/B001282
Source: Congress.gov · FEC
Cosponsors (24)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
- Daniel Meuser (R-PA-9)· 2025-01-21
- Barry Loudermilk (R-GA-11)· 2025-01-22
- Ben Cline (R-VA-6)· 2025-01-22
- Jake Ellzey (R-TX-6)· 2025-01-22
- Monica De La Cruz (R-TX-15)· 2025-01-22
- Troy Downing (R-MT-2)· 2025-01-22
- Bill Huizenga (R-MI-4)· 2025-01-23
- Brad Knott (R-NC-13)· 2025-01-23
- Scott Franklin (R-FL-18)· 2025-01-23
- William R. Timmons IV (R-SC-4)· 2025-01-23
- Byron Donalds (R-FL-19)· 2025-02-04
- Gary J. Palmer (R-AL-6)· 2025-02-04
- Mike Flood (R-NE-1)· 2025-02-04
- Neal P. Dunn (R-FL-2)· 2025-02-04
- Roger Williams (R-TX-25)· 2025-02-04
- Addison P. McDowell (R-NC-6)· 2025-02-05
- John W. Rose (R-TN-6)· 2025-02-05
- Mark Alford (R-MO-4)· 2025-02-05
- Derek Schmidt (R-KS-2)· 2025-02-10
- Scott Fitzgerald (R-WI-5)· 2025-02-10
- Jefferson Shreve (R-IN-6)· 2025-02-24
- Tim Moore (R-NC-14)· 2025-02-24
- Michael Lawler (R-NY-17)· 2025-03-31
- Pete Sessions (R-TX-17)· 2025-04-01
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Committee Activity
Currently in
- House Committee on Financial ServicesReported By · 2025-05-06
Previously
- Financial Services CommitteeReported By · 2025-05-06
- Financial Services CommitteeMarkup By · 2025-04-02
- House Committee on Financial ServicesMarkup By · 2025-04-02
- Financial Services CommitteeReferred To · 2025-01-16
- House Committee on Financial ServicesReferred To · 2025-01-16
Plain-English Summary
Promoting New Bank Formation Act This bill eliminates and reduces certain requirements applicable to new depository institutions, certain rural community depository institutions, and federal savings associations. Federal banking agencies must issue rules allowing a new depository institution or depository institution holding company three years to meet capital requirements. During this period, a depository institution or its depository institution holding company may request to deviate from an approved business plan, and the appropriate agency has 30 days to approve or deny the request. In addition, the community bank leverage ratio—a way of evaluating debt levels—is reduced for new rural community depository institutions. Specifically, new rural community depository institutions must have a ratio of 8%, with a three-year phase-in of the rate. After this period, the ratio rises to its current level of 9%. Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.
Subjects
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