Promoting New and Diverse Depository Institutions Act
This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.
The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4590 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 4590
To require the Federal banking regulators to jointly conduct a study
and develop a strategic plan to address challenges faced by proposed
depository institutions seeking de novo depository institution
charters; and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 21, 2021
Mr. Auchincloss introduced the following bill; which was referred to
the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Federal banking regulators to jointly conduct a study
and develop a strategic plan to address challenges faced by proposed
depository institutions seeking de novo depository institution
charters; and for other purposes.
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 ``Promoting New and Diverse Depository
Institutions Act''.
SEC. 2. STUDY AND STRATEGIC PLAN.
(a) In General.--The Federal banking regulators shall jointly, and
in consultation with the Secretary of the Treasury, conduct a study
about the challenges faced by proposed depository institutions,
including proposed minority depository institutions, seeking de novo
depository institution charters.
(b) Strategic Plan.--
(1) In general.--Not later than 18 months after the date of
the enactment of this section, the Federal banking regulators
shall jointly submit to the Committee on Financial Services of
the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate a strategic plan based
on the study conducted pursuant to subsection (a) and designed
to help proposed depository institutions (including proposed
minority depository institutions) successfully apply for de
novo depository institution charters in a manner that promotes
increased availability of banking and financial services,
safety and soundness, consumer protection, community
reinvestment, financial stability, and a level playing field.
(2) Contents of strategic plan.--The strategic plan
described in paragraph (1) shall--
(A) promote the chartering of--
(i) proposed minority depository
institutions; and
(ii) proposed depository institutions that
could be certified as community development
financial institutions; and
(B) describe actions the Federal banking regulators
may take that would increase the number of depository
institutions located in geographic areas where
consumers lack access to a branch of a depository
institution.
(c) Public Involvement.--When conducting the study and developing
the strategic plan required by this Act, the Federal banking regulators
shall invite comments and other feedback from the public to inform the
study and strategic plan.
(d) Definitions.--In this Act:
(1) Depository institution.--The term ``depository
institution'' has the meaning given in section 3 of the Federal
Deposit Insurance Act.
(2) Community development financial institution.--The term
``community development financial institution'' has the meaning
given in section 103 of the Riegle Community Development and
Regulatory Improvement Act of 1994.
(3) Federal banking regulators.--The term ``Federal banking
regulators'' means the Board of Governors of the Federal
Reserve System, the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, the National Credit Union
Administration, and the Director of the Bureau of Consumer
Financial Protection.
(4) Minority depository institution.--The term ``minority
depository institution'' has the meaning given in section
308(b) of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.
Placed on the Union Calendar, Calendar No. 163.
Ms. Waters moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7150-7152)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4590.
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Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7150-7151)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7150-7151)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.