118th Congress Finance and Financial Sector
H.R. 758: Promoting Access to Capital in Underbanked Communities Act of 2023
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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%.
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Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Byron Donalds R-FL
- Blaine Luetkemeyer R-MO
- Barry Loudermilk R-GA
- Pete Sessions R-TX
- Brian Fitzpatrick R-PA
- Michael Guest R-MS
- David Kustoff R-TN
- Young Kim R-CA
- William Timmons R-SC
- John Rose R-TN
- David Valadao R-CA
- Guy Reschenthaler R-PA
- Roger Williams R-TX
- Mike Ezell R-MS
- Bill Posey R-FL
- Mónica De La Cruz R-TX
- Erin Houchin R-IN
Who scored on this bill
- 1Garland Barr SponsorIntroduced, marked up, reported3 events+32
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Garland Barr
- H.R. 10184: Consumer Financial Protection Accountability and Reform Act of 2026
- H.R. 1653: Civil Investigative Demand Reform Act of 2025
- H.R. 5929: Critical Minerals Supply Chain Resiliency Act of 2026
- H.R. 7056: Community Bank Regulatory Tailoring Act
- H.R. 6552: Bank-Fintech Partnership Enhancement Act
- H.R. 6553: TIER Act of 2025
History
- Introduced in the House by Garland Barr.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 118-786.
- Placed on the Union Calendar, Calendar No. 649.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 22.
- Introduced in House
- Referred to the House Committee on Financial Services.