American Access to Banking Act
Floor Speech
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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 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.
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 -------------------------------------------------------------------------------------------------------------------------------------------------------- Additional Effect on Direct Information on Direct Link to Published Bill Number Title Spending Effect on Revenues Spending and Revenue Estimates Effects -------------------------------------------------------------------------------------------------------------------------------------------------------- H.R. 4544.......................... American Access to Increase by at Least Increase by at Least Would increase direct N/A Banking Act, as $500K. $500K. spending by $12 amended. million, increase revenues by $12 million, and result in no increase in the deficit. --------------------------------------------------------------------------------------------------------------------------------------------------------
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Mr. HILL of Arkansas. Mr. Speaker, I rise in support of the ranking member's bill, H.R. 4544, the American Access to Banking Act. I thank Ms. Waters for her diligent work on this important bipartisan legislation.
Over the past decade, Mr. Speaker, the United States has lost nearly 2,000 community banks, while only 62 de novo banks have opened during that same period.
These essential institutions have disappeared from Main Streets across America due to mergers, acquisitions, and bank failures. In one out of every three counties in our country, a community bank is the only on-the-ground banking option--one out of every three counties. That is why it is important to consider this bill.
Mr. Speaker, I was the CEO of a community bank in the Mississippi Delta where there were very few banking offices available for small businesses and agricultural communities spread out across the rural heartland. I have to say it is very troubling when a local farmer tries to finance his equipment or where a small business owner wants to expand their restaurant or get their first loan to start a business if there is not a community bank. That is where families go to build relationships with lenders who know their names, understand their communities, and recognize their circumstances.
Why aren't new banks forming? It is because we have made it extraordinarily difficult to start one. The application process is often complex, duplicative, and overly burdensome. Some of the requirements aren't even in statute that are held out for that young business development team, those young officers who want to go out on their own to serve a community by creating a new depository institution.
That is why I am pleased to support the ranking member of the full committee, Ms. Waters of California's, American Access to Banking Act.
This bill directs the Federal bank regulators to make it easier to start a new bank or credit union by streamlining the application process, improving the capital-raising options, establishing mentorship programs, and strengthening coordination between Federal and State regulators.
Banking is not a partisan issue, and every American deserves access to a financial institution that can meet their needs.
This bill is very complementary of efforts made by our Financial Institutions Subcommittee Chair, Andy Barr of Kentucky, to try to remove barriers to improving the ability to start a bank in this country.
Mr. Speaker, I am a proud supporter of this bipartisan legislation. I thank the ranking member for her leadership on it.
Mr. Speaker, I, again, thank the gentlewoman for her work on this bill. Over this Congress, we have had some really inspirational people come and testify.
In fact, all three that I am picturing in my mind are women and all three came to the committee to talk about the burdens of trying to start a new bank or build a small community bank.
I remember BankMiami was a case, and there have been quite a number of start-up banks in south Florida that are Minority Depository Institutions.
We had inspirational speakers in our committee, and they said we need to do better here on this. This is at the heart of what the ranking member is talking about. How can we improve this process so that more people can take that decision, if their market and the characteristics of their economics and their geography would be rewarded by new bank startups?
Mr. Speaker, I thank the ranking member for her leadership. I invite her to close, and I urge all of our colleagues to support her effort.
Mr. Speaker, I congratulate the ranking member for her work on this bill. I urge all my colleagues to support it, and I yield back the balance of my time.
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Mr. HILL of Arkansas. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
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