119th Congress Finance and Financial Sector
H.R. 478: Promoting New Bank Formation Act
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 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%.
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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
- Daniel Meuser R-PA
- Ben Cline R-VA
- Mónica De La Cruz R-TX
- Troy Downing R-MT
- Jake Ellzey R-TX
- Barry Loudermilk R-GA
- C. Franklin R-FL
- Bill Huizenga R-MI
- Brad Knott R-NC
- William Timmons R-SC
- Byron Donalds R-FL
- Neal Dunn R-FL
- Mike Flood R-NE
- Gary Palmer R-AL
- Roger Williams R-TX
- Mark Alford R-MO
- Addison McDowell R-NC
- John Rose R-TN
- Scott Fitzgerald R-WI
- Derek Schmidt R-KS
- Tim Moore R-NC
- Jefferson Shreve R-IN
- Michael Lawler R-NY
- Pete Sessions R-TX
Who scored on this bill
- 1Garland Barr SponsorIntroduced, marked up, reported3 events+32
See all scorers and every scoring event
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. 119-90.
- Placed on the Union Calendar, Calendar No. 64.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
- Introduced in House
- Referred to the House Committee on Financial Services.