HR 4544119th CongressIntroduced

American Access to Banking Act

Introduced: Jul 17, 2025

Financial Services

Standard Summary

Comprehensive overview in 1-2 paragraphs

The American Access to Banking Act would direct federal banking and credit union regulators to actively promote the creation of new, regulated de novo institutions (new banks and insured credit unions). It focuses on making the application process easier, examining how these new institutions raise capital (in partnership with the SEC to protect investors), and establishing outreach programs, mentorship opportunities, and ongoing engagement with states and stakeholders. The bill requires regular public reporting on these efforts and creates caseworkers to guide applicants through the process. It aims to expand access to banking, with particular attention to rural and underserved communities, while preserving investor protections and safety standards.

Key Points

1Streamlined application and capital-raising review
2- Regulators must review de novo application forms, minimize new information requests by pulling data from other federal sources, and study capital-raising practices (with the SEC) to balance fundraising flexibility with investor protections, including restrictions related to non-accredited investors.
3- Agencies must report to Congress within 1 year after enactment and annually for 5 years, plus publish a public update on their website describing actions and any recommendations.
4Enhanced applicant support (casework)
5- Each regulator must, upon request, designate a caseworker to serve as the main contact for de novo applicants, provide an application-process tutorial, and facilitate ongoing communication with lead organizers.
6Mentor-protege partnerships
7- Agencies must, on request, provide a list of recently approved de novo institutions willing to mentor new applicants, and publish guidance on how to request or participate as a mentor within 1 year after enactment.
8State and stakeholder engagement
9- Agencies must develop plans to regularly consult with state regulators and stakeholders (including applicants and recently approved institutions) to support de novo institution creation, with guidance, training materials, and workshops.
10- Plans must be submitted to Congress every 2 years (and then every 5 years) with opportunities for public comment and consideration of that input.
11Definitions and scope
12- Clear definitions for “Federal banking agency,” “Federal financial institutions regulatory agencies,” “Regulated institution,” “State,” and “State regulator” are provided, covering both banks and insured credit unions.
13- The process of applying to become a de novo institution also includes the related processes for obtaining federal deposit insurance, federal share insurance, or membership in a Federal Reserve Bank.

Impact Areas

Primary group/area affected- Applicants seeking to form de novo regulated institutions (new banks and insured credit unions) and their leadership teams; potential applicants in rural or underserved markets.Secondary group/area affected- State banking regulators and state credit union regulators, who will be engaged through regular consultations and joint efforts.- Investors and capital-raising activities for new de novo institutions, with ongoing coordination with the SEC to protect investors.Additional impacts- Federal banking and credit union regulators: added duties to streamline processes, designate caseworkers, host mentoring programs, and publish annual/public-facing reports.- Communities and consumers: potential for increased access to basic banking services and financial products through new de novo institutions, especially in areas with limited banking options.- Oversight and safety: while investor protections are emphasized, the act seeks to balance speed to market with prudent regulation, requiring ongoing reporting and reviews of capital-raising practices.

Generated by gpt-5-nano on Oct 8, 2025