Promoting Access to Capital in Underbanked Communities Act of 2023

3.0.0 3937 2025-01-14T18:20:21Z 2025-01-14T18:20:21Z Senate S S 2024-03-14 118 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred To 2024-03-14T14:46:00Z Promoting Access to Capital in Underbanked Communities Act of 2023 118 758 HR 2024-12-03 Placed on the Union Calendar, Calendar No. 649. Related bill CRS 2024-03-14 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2024-03-14 Introduced in Senate IntroReferral 10000 9 Library of Congress H001079 Sen. Hyde-Smith, Cindy [R-MS] Cindy Hyde-Smith R MS N Finance and Financial Sector Finance and Financial Sector 2024-04-03T13:45:20Z

00 2024-03-14 Introduced in Senate 2024-10-09T19:10:11Z Promoting Access to Capital in Underbanked Communities ActThis 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.

Promoting Access to Capital in Underbanked Communities Act Display Title 45 Promoting Access to Capital in Underbanked Communities Act 2024-07-24T15:18:56Z Short Title(s) as Introduced 101 Promoting Access to Capital in Underbanked Communities Act 2024-05-24T13:33:37Z Introduced in Senate IS Official Title as Introduced 6 A bill 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. 2024-04-02T22:58:55Z Introduced in Senate IS Introduced in Senate 2024-03-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s3937is/xml/BILLS-118s3937is.xml 2024-03-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.