H.R. 4544

119th CONGRESS 1st Session

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.

IN THE HOUSE OF REPRESENTATIVES · July 17, 2025 · Sponsor: Ms. Waters · Committee: Committee on Financial Services

Table of contents

• H.R. 4544
  • SEC. 1. Short title
  • SEC. 2. Streamlining application process and review of capital raising by de novo regulated institutions
  • SEC. 3. Improving communication with de novo regulated institutions
  • SEC. 4. De Novo Mentor-Protégé partnerships
  • SEC. 5. State and stakeholder engagement plan
  • SEC. 6. Definitions

SEC. 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—
    • for the purpose of simplifying and streamlining the process of applying to become a de novo regulated institution, conduct a review of any application forms related to such process;
    • 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
    • in consultation with the Securities and Exchange Commission, review how de novo regulated institutions raise capital while maintaining investor protections, including the impact of—
      • general capital raising restrictions; and
      • 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 Congress and publish on a public website of such agency a report that contains—
    • a description of the actions taken by such agency pursuant to subsection (a); and
    • 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—
    • meet with the lead organizers applying to become a de novo regulated institution to provide a tutorial with respect to the application process; and
    • 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-Protégé 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—
    • were recently approved to become a de novo regulated institution; and
    • 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—
    • 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;
    • 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
    • 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 Congress 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—
      • provide an opportunity for public comments; and
      • take such public comments into consideration.

SEC. 6. Definitions

• (a) In general
  • In this Act:
  • (1) Federal banking agency
    • The term has the meaning given the term in section 3 of the Federal Deposit Insurance Act (). Federal banking agency 12 U.S.C. 1813
  • (2) Federal financial institutions regulatory agencies
    • The term has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (). Federal financial institutions regulatory agencies 12 U.S.C. 3302
  • (3) Regulated institution
    • The term means— regulated institution
      • with respect to a Federal banking agency, a depository institution (as such term is defined in section 3 of the Federal Deposit Insurance Act ()) for which the Federal banking agency is the appropriate Federal banking agency (as such term is defined in such section 3); and 12 U.S.C. 1813
      • 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 means each of the several States, the District of Colombia, and each territory of the United States.
  • (5) State regulator
    • The term means— State regulator
      • with respect to a Federal banking agency, a State banking regulator; and
      • 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.