AMERICAN ACCESS TO BANKING ACT

On 2026-05-19, Representative Maxine Waters (D-CA-43) delivered a floor speech titled "AMERICAN ACCESS TO BANKING ACT" in the House.

AMERICAN ACCESS TO BANKING ACT

Congressional Record, Volume 172 Issue 85 (Tuesday, May 19, 2026) [Congressional Record Volume 172, Number 85 (Tuesday, May 19, 2026)] [House] [Pages H3584-H3586] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] AMERICAN ACCESS TO BANKING ACT Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4544) to direct certain Federal banking and credit union agencies to promote the formation of de novo regulated institutions through the review of application processes, the review of capital raising by de novo regulated institutions, and the establishment of various outreach programs, and for other purposes, as amended. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 4544 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``American Access to Banking Act''. SEC. 2. STREAMLINING APPLICATION PROCESS AND REVIEW OF CAPITAL RAISING BY DE NOVO REGULATED INSTITUTIONS. (a) In General.--Each of the Federal financial institutions regulatory agencies shall-- (1) for the purpose of streamlining the process of applying to become a de novo regulated institution, conduct a review of any application forms related to such process; (2) to the extent practicable, gather information needed from applicants seeking to become a de novo regulated institution from other Federal Government agencies or public sources to minimize information requests of such applicants; and (3) in consultation with the Securities and Exchange Commission, review how de novo regulated institutions raise capital while maintaining investor protections, including the impact of-- (A) general capital raising restrictions; and (B) capital raising restrictions related to individuals who are not accredited investors. (b) Report.--Not later than 1 year after the date of the enactment of this section, and annually for 5 years thereafter, each of the Federal financial institutions regulatory agencies shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and publish on a public website of such agency a report that contains-- (1) a description of the actions taken by such agency pursuant to subsection (a); and (2) as appropriate, any administrative or legislative recommendations with respect to the purpose described in subsection (a)(3). SEC. 3. IMPROVING COMMUNICATION WITH DE NOVO REGULATED INSTITUTIONS. (a) In General.--Each of the Federal financial institutions regulatory agencies shall, at the request of an applicant to become a de novo regulated institution, designate an employee of the agency as a caseworker, who may perform such duty in addition to the other duties of the employee. (b) Caseworker Duties.--Each caseworker described in subsection (a) shall, to the maximum extent practicable-- (1) meet with the lead organizers applying to become a de novo regulated institution to provide a tutorial with respect to the application process; and (2) be the primary point of contact of the respective Federal financial institutions regulatory agency for such organizers during the application process. (c) New Caseworker.--Each agency described in subsection (a) may designate a new caseworker, as appropriate, to support continuity based on staffing and responsibilities assigned to the current caseworker. SEC. 4. DE NOVO MENTOR-PROTEGE PARTNERSHIPS. (a) In General.--At the request of an institution that seeks to become a de novo regulated institution, each of the Federal financial institutions regulatory agencies shall, to the maximum extent practicable, provide a list to such institution of similar types of institutions that-- (1) were recently approved to become a de novo regulated institution; and (2) are interested in volunteering to serve as a mentor to provide advice about the de novo application process. (b) Mentorship Information.--Not later than 1 year after the date of the enactment of this section, each of the Federal financial institutions regulatory agencies shall provide public information and directions on how an institution may request a mentor or serve as a mentor as described in subsection (a). SEC. 5. STATE AND STAKEHOLDER ENGAGEMENT PLAN. (a) In General.--Each of the Federal financial institutions regulatory agencies shall develop a plan to-- (1) regularly consult with State regulators to promote cooperation between State and Federal banking and credit union agencies in the creation of de novo regulated institutions, including responding to any State regulator that requests assistance on how a State-chartered financial institution can request Federal insurance; (2) regularly consult with stakeholders, including applicants to become de novo regulated institutions and recently approved regulated institutions, to inform any reforms that may support the creation of de novo regulated institutions, including rural institutions, community development financial institutions, and minority depository institutions; and (3) provide guidance, training material, and regular workshops to assist any interested parties to understand such agencies processes. (b) Submission to Congress.-- (1) In general.--Not later than 2 years after the date of the enactment of this section, and every 5 years thereafter, each of the Federal financial institutions regulatory agencies shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate the respective plan of such agency described in subsection (a). (2) Public comment.--With respect to developing the plan described in subsection (a), each of the Federal financial institutions regulatory agencies shall-- (A) provide an opportunity for public comments; and (B) take such public comments into consideration. SEC. 6. DEFINITIONS. (a) In General.--In this Act: (1) Federal banking agency.--The term ``Federal banking agency'' has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). (2) Federal financial institutions regulatory agencies.-- The term ``Federal financial institutions regulatory agencies'' has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302). (3) Regulated institution.--The term ``regulated institution'' means-- (A) with respect to a Federal banking agency, a depository institution (as such term is defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) for which the Federal banking agency is the appropriate Federal banking agency (as such term is defined in such section 3); and (B) with respect to the National Credit Union Administration, an insured credit union (as such term is defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)). (4) State.--The term ``State'' means each of the several States, the District of Colombia, and each territory of the United States. (5) State regulator.--The term ``State regulator'' means-- (A) with respect to a Federal banking agency, a State banking regulator; and (B) with respect to the National Credit Union Administration, the State regulatory agency having jurisdiction over a State credit union (as such term is defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)). (b) Rule of Construction.--For purposes of this Act, the process of applying to become a de novo regulated institution shall include the process of applying for Federal [[Page H3585]] deposit insurance, Federal share insurance, or membership of a Federal reserve bank. SEC. 7. DISCRETIONARY SURPLUS FUND. (a) In General.--The dollar amount specified under section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is reduced by $24,000,000. (b) Effective Date.--The amendment made by subsection (a) shall take effect on September 1, 2036. The SPEAKER pro tempore. Pursuant to the rule, the gentleman from Arkansas (Mr. Hill) and the gentlewoman from California (Ms. Waters) each will control 20 minutes. The Chair recognizes the gentleman from Arkansas. General Leave Mr. HILL of Arkansas. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on this measure. The SPEAKER pro tempore. Is there objection to the request of the gentleman from Arkansas? There was no objection. Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I include in the Record the CBO estimate for this bill. Legislation Considered Under Suspension of the Rules The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote. At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. If CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included. EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERATION UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES Week of May 18, 2026 ------------------------------------------------------------------------------------------------------------------------------------------------------

Referenced legislation: HR4544, HR4544