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H.R. 478In committee
Promoting New Bank Formation Act
Introduced: Jan 16, 2025
Latest action date: May 6, 2025
Latest development
Placed on the Union Calendar, Calendar No. 64.
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- Congress
- 119th Congress
- Introduced
- Jan 16, 2025
- Recorded roll calls
- 0
Status detail: The most advanced recorded stage is committee consideration.
Plain-language overview
What this bill does
Promoting New Bank Formation Act
This bill eliminates and reduces certain requirements applicable to new depository institutions, certain rural community depository institutions, and federal savings associations.
Federal banking agencies must issue rules allowing a new depository institution or depository institution holding company three years to meet capital requirements. During this period, a depository institution or its depository institution holding company 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 new rural community depository institutions. Specifically, new rural community depository institutions must have a ratio of 8%, with a three-year phase-in of the rate. After this period, the ratio rises to its current level of 9%.
Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
Official summary from Congress.gov.
Civixly topics
What this legislation is about
Civixly topics make federal and state legislation comparable. They are derived from the official CRS policy area and legislative subjects.
Official CRS policy area
Finance and Financial Sector
View 10 official legislative subjects
Administrative law and regulatory proceduresAgricultural prices, subsidies, creditBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightCredit and credit marketsFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsRural conditions and development
Committee activity
Committees and subcommittees that received, reviewed, marked up, or reported this legislation.
Official committee record ↗
Amendments
Proposed changes to this measure, with their latest official outcome or action from Congress.gov.
No amendments are listed for this measure.
Checked against Congress.gov Oct 19, 2026.
Action timeline
Newest action first. Action language comes from the official Congress.gov record.
View full action timeline8 actions
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
CommitteeHouse floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
CommitteeLibrary of CongressPlaced on the Union Calendar, Calendar No. 64.
CalendarsHouse floor actionsOrdered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
CommitteeHouse committee actionsCommittee Consideration and Mark-up Session Held
CommitteeHouse committee actionsIntroduced in House
IntroReferralLibrary of CongressReferred to the House Committee on Financial Services.
IntroReferralHouse floor actionsIntroduced in House
IntroReferralLibrary of Congress
Roll-call votes
Recorded House and Senate votes connected to this bill. Your representatives appear first when available.
No connected roll-call votes are currently available for this bill.
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