[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4590 Engrossed in House (EH)]
<DOC>
117th CONGRESS
2d Session
H. R. 4590
_______________________________________________________________________
AN ACT
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--
(1) conduct a study about the challenges faced by proposed
depository institutions, including proposed minority depository
institutions, seeking de novo depository institution charters;
and
(2) 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 publically, not
later than 18 months after the date of the enactment of this
section--
(A) an analysis based on the study conducted
pursuant to paragraph (1);
(B) any findings from the study conducted pursuant
to paragraph (1); and
(C) any legislative recommendations that the
Federal banking regulators developed based on the study
conducted pursuant to paragraph (1).
(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 and publish publically
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 de novo depository
institutions, including--
(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, and includes a ``Federal credit union''
and a ``State credit union'' as such terms are defined,
respectively, under section 101 of the Federal Credit Union
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.
(e) Reduction.--
(1) In general.--Subparagraph (A) of section 7(a)(3) of the
Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by
reducing the dollar figure described in such subparagraph by
$5,000,000.
(2) Effective date.--The amendment made by paragraph (1)
shall take effect on September 30, 2022.
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.
Passed the House of Representatives July 26, 2022.
Attest:
Clerk.
117th CONGRESS
2d Session
H. R. 4590
_______________________________________________________________________
AN ACT
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.