PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 649.
Congressional Research Service
Version 00 · Introduced in House · Feb 2, 2023
Promoting Access to Capital in Underbanked Communities Act of 2023
This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations.
Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution 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 certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio is 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. 649.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-786.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-786.
Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 22.
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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Source last updated: May 27, 2025. Consult Congress.gov for the current record.
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