H.R. 4590: Promoting New and Diverse Depository Institutions Act

CBO Score

$2 million

Date of Report

Tue July 26th, 2022

CBO Report Details

Legislation Details

117th Congress

To require the Federal banking regulators to jointly conduct a study and develop a strategic plan to address challenges faced by proposed depository institutions seeking de novo depository institution charters; and for other purposes.

Sponsor: Rep. Jacob Auchincloss — D — MA

Directs the Federal Deposit Insurance Corporate (FDIC), the National Credit Union Administration (NCUA), the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the Federal Reserve to study the challenges faced by new depository institutions seeking a charter. Those banking regulators also would be required to jointly issue a strategic plan to increase the number of entities applying for new depository institution charters.

View the full vote history of this bill on GovTrack.us.

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