Expressing support for the designation of the month of July as "American Patriotism Month".
- Last Action
- 6/4/2025
Actions
- 2025-05-06Placed on the Union Calendar, Calendar No. 64.
- 2025-05-06Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
- 2025-05-06Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
- 2025-04-02Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
- 2025-04-02Committee Consideration and Mark-up Session Held
- 2025-01-16Referred to the House Committee on Financial Services.
- 2025-01-16Introduced in House
- 2025-01-16Introduced in House
CRS Summary
As of 2025-01-16 (00)
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.
Cosponsors (20)
- Daniel Meuser (R-PA)
- Troy Downing (R-MT)
- Barry Loudermilk (R-GA)
- Monica De La Cruz (R-TX)
- Ben Cline (R-VA)
- Jake Ellzey (R-TX)
- Scott Franklin (R-FL)
- Bill Huizenga (R-MI)
- Brad Knott (R-NC)
- William Timmons (R-SC)
- Neal Dunn (R-FL)
- Roger Williams (R-TX)
- Mike Flood (R-NE)
- Gary Palmer (R-AL)
- Byron Donalds (R-FL)
- John Rose (R-TN)
- Addison McDowell (R-NC)
- Mark Alford (R-MO)
- Derek Schmidt (R-KS)
- Scott Fitzgerald (R-WI)
Subjects
- Administrative law and regulatory procedures
- Agricultural prices, subsidies, credit
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Credit and credit markets
- Financial services and investments
- Government information and archives
- Government studies and investigations
- Rural conditions and development
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.