[Congressional Record Volume 172, Number 85 (Tuesday, May 19, 2026)]
[House]
[Pages H3584-H3586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
AMERICAN ACCESS TO BANKING ACT
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
[[Page H3585]]
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.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arkansas (Mr. Hill) and the gentlewoman from California (Ms. Waters)
each will control 20 minutes.
The Chair recognizes the gentleman from Arkansas.
General Leave
Mr. HILL of Arkansas. Mr. Speaker, I ask unanimous consent that all
Members have 5 legislative days to revise and extend their remarks and
include extraneous material on this measure.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Arkansas?
There was no objection.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may
consume.
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
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Additional
Effect on Direct Information on Direct Link to Published
Bill Number Title Spending Effect on Revenues Spending and Revenue Estimates
Effects
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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.
{time} 1720
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. I encourage my
colleagues to support it, and I reserve the balance of my time.
Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of H.R. 4544, the American Access to
Banking Act that I sponsored.
The number of new banks and credit unions called de novo
institutions, that were formed over the past 15 years has been very
low. There were only 6 new bank charters issued annually the past 15
years and only 29 new credit unions formed between 2014 and 2023.
During that time, we saw about one-third of all Minority Depository
Institutions, or MDIs, disappear, including half of our Black-owned
banks.
Now, research from the Federal Reserve and others found a strong
correlation between the interest rate environment and new bank
formation.
In fact, we did have historically low interest rates at zero percent
for many years as we slowly recovered from the crisis, but there is
more we can do to help.
Earlier this year, ReShonda Young testified before our committee
about the challenges she is facing just trying to establish an MDI in
Iowa.
Ms. Young's story is remarkable. When she was a small business owner
with a popcorn business, she tried to get a loan, and she was
discriminated against by bank after bank after bank.
What did she do? She joined with other entrepreneurs and sued the
Consumer Financial Protection Bureau for dragging its feet and not
implementing section 1071 to ensure we have a more fair and transparent
small business loan market. Her lawsuit helped push the CFPB to
finalize that overdue rule.
But Ms. Young did not stop there. She decided to start her own bank
so that she could provide the kind of small business loans to others
that she was repeatedly denied for.
Ms. Young's story is an American story. When you get knocked down,
you get back up and you keep pushing for a better way. Not only that,
but you work to help others in your community so they can have chances
that you never had.
In her testimony, Ms. Young highlighted a few challenges with the de
novo process, like a lengthy application checklist. My bill would
require these outdated procedures to be streamlined.
My bill would also minimize duplicative data requests, and require
regulators to review capital-raising challenges de novos face in
consultation with the SEC.
My bill also requires the designation of a caseworker as a single
point of contact to assist de novo applicants throughout the process.
[[Page H3586]]
H.R. 4544 further requires the development of outreach and education
program and Federal regulator engagement with stakeholders as well as
coordination with State regulators to support them in chartering de
novo firms.
For any American like Ms. Young who wants to start a bank or credit
union, they should have that chance, and the American Access to Banking
Act will help give them that chance.
Mr. Speaker, I urge Members to support my bill, and I reserve the
balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may
consume.
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 reserve the balance of my time.
Ms. WATERS. Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, I thank the chairman very much for advancing my bill to
this point and helping to get it passed through the House not only as a
standalone bill but also as part of our housing bill.
Entrepreneurs like Ms. ReShonda Young who dream of starting their own
bank or credit union and providing access to affordable financial
products and services to neighbors in their community should have that
chance.
My bill has broad support, including from the American Bankers
Association, America's Credit Unions, Conference of State Bank
Supervisors, Consumer Federation of America, Defense Credit Union
Council, National Bankers Association, and National Community
Reinvestment Coalition.
Mr. Speaker, I urge all my colleagues to support this bill, and I
yield back the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my
time.
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.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Arkansas (Mr. Hill) that the House suspend the rules and
pass the bill, H.R. 4544, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. HILL of Arkansas. Mr. Speaker, on that I demand the yeas and
nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further
proceedings on this motion will be postponed.
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