Promoting Access to Capital in Underbanked Communities Act

Summary

Promoting Access to Capital in Underbanked Communities Act This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations. Under the bill, federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution 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 certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio is 9%. Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.

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Timeline

1. 14 March 2024

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 14 March 2024

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 March 2024 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 March 2024

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 March 2024

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 March 2024

  Open at official source

Sponsors

• Cindy Hyde-Smith · R · Sponsor
• · ssbk00 · Standing

Related records

• related to → Promoting Access to Capital in Underbanked Communities Act of 2023