3.0.0 8410 2023-01-11T13:44:53Z 2023-01-11T13:44:53Z House HR 2020-09-29 116 [Congressional Record Volume 166, Number 169 (Tuesday, September 29, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BARR:H.R. 8410.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution.[Page H5053]]]> hsba00 Financial Services Committee House Standing Referred to 2020-09-29T16:05:05Z 2020-09-29 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-09-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-09-29 Introduced in House IntroReferral 1000 9 Library of Congress B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 N R000611 Rep. Riggleman, Denver [R-VA-5] Denver Riggleman R VA 5 2020-09-29 True S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2020-09-29 True S001213 Rep. Steil, Bryan [R-WI-1] Bryan Steil R WI 1 2020-09-30 False Finance and Financial Sector 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 Finance and Financial Sector 00 2020-09-29 Introduced in House 2021-03-03T20:20:08Z Promoting Access to Capital in Underbanked Communities Act of 2020

This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations.

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.

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 must not be less than 8% and not more than 10%.

The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.

]]> Promoting Access to Capital in Underbanked Communities Act of 2020 Display Title Promoting Access to Capital in Underbanked Communities Act of 2020 Short Title(s) as Introduced Promoting Access to Capital in Underbanked Communities Act of 2020 Introduced in House IH Official Title as Introduced To require the appropriate Federal banking agencies to establish a 3-year phase-in period for de novo financial institutions to comply with Federal capital standards, to provide relief for de novo rural community banks, and for other purposes. Introduced in House IH Introduced in House 2020-09-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8410ih/xml/BILLS-116hr8410ih.xml 2020-09-29 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.