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H.R. 478In committee
Promoting New Bank Formation Act
Introduced: Jan 16, 2025
Latest action date: May 6, 2025
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Current stage
In committee
The most advanced recorded stage is committee consideration.
Introduced
Jan 16, 2025
Latest action
May 6, 2025
Recorded roll calls
0
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
Bill Summary
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.
Committee activity
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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 Sep 13, 2026.
Action timeline
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View full action timeline8 actions
Placed on the Union Calendar, Calendar No. 64.
CalendarsHouse floor actionsReported (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 CongressOrdered 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
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No connected roll-call votes are currently available for this bill.
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