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May 19, 2026
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Download official House Record PDFReturn to issue contextMr. 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
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
————————————————————————————————————————————————————————————————————————————
Additional
Effect on Direct Information on Direct Link to Published
Bill Number Title Spending Effect on Revenues Spending and Revenue Estimates
———————————————————————————————————————————————————————————————————————————— 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. ————————————————————————————————————————————————————————————————————————————
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.
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.
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.
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.
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.
Institutions, or MDIs, disappear, including half of our Black-owned banks.
correlation between the interest rate environment and new bank formation.
for many years as we slowly recovered from the crisis, but there is more we can do to help.
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.
regulators to review capital-raising challenges de novos face in consultation with the SEC.
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.
three came to the committee to talk about the burdens of trying to start a new bank or build a small community bank.
of start-up banks in south Florida that are Minority Depository Institutions.
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.
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.