PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 64.
Congressional Research Service
Version 00 · Introduced in House · Jan 16, 2025
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.
People & committees
Rep. Barr, Andy [R-KY-6] · R–KY
Legislative record
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Placed on the Union Calendar, Calendar No. 64.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Sep 19, 2026. Consult Congress.gov for the current record.
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