H.R. 1533

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1533 Introduced in House (IH)]

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118th CONGRESS
1st Session
H. R. 1533

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.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 10, 2023

Mr. Auchincloss (for himself and Mr. McHenry) introduced the following 
bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

A BILL

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.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Promoting New and Diverse Depository 
Institutions Act''.

SEC. 2. STUDY AND STRATEGIC PLAN.

(a) In General.--The Federal banking regulators shall jointly--
(1) conduct a study about the challenges faced by proposed 
depository institutions, including proposed minority depository 
institutions, seeking de novo depository institution charters; 
and
(2) submit to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate and publish publically, not 
later than 18 months after the date of the enactment of this 
section--
(A) an analysis based on the study conducted 
pursuant to paragraph (1);
(B) any findings from the study conducted pursuant 
to paragraph (1); and
(C) any legislative recommendations that the 
Federal banking regulators developed based on the study 
conducted pursuant to paragraph (1).
(b) Strategic Plan.--
(1) In general.--Not later than 18 months after the date of 
the enactment of this section, the Federal banking regulators 
shall jointly submit to the Committee on Financial Services of 
the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate and publish publically 
a strategic plan based on the study conducted pursuant to 
subsection (a) and designed to help proposed depository 
institutions (including proposed minority depository 
institutions) successfully apply for de novo depository 
institution charters in a manner that promotes increased 
availability of banking and financial services, safety and 
soundness, consumer protection, community reinvestment, 
financial stability, and a level playing field.
(2) Contents of strategic plan.--The strategic plan 
described in paragraph (1) shall--
(A) promote the chartering of de novo depository 
institutions, including--
(i) proposed minority depository 
institutions; and
(ii) proposed depository institutions that 
could be certified as community development 
financial institutions; and
(B) describe actions the Federal banking regulators 
may take that would increase the number of depository 
institutions located in geographic areas where 
consumers lack access to a branch of a depository 
institution.
(c) Public Involvement.--When conducting the study and developing 
the strategic plan required by this Act, the Federal banking regulators 
shall invite comments and other feedback from the public to inform the 
study and strategic plan.
(d) Definitions.--In this Act:
(1) Depository institution.--The term ``depository 
institution'' has the meaning given in section 3 of the Federal 
Deposit Insurance Act, and includes a ``Federal credit union'' 
and a ``State credit union'' as such terms are defined, 
respectively, under section 101 of the Federal Credit Union 
Act.
(2) Community development financial institution.--The term 
``community development financial institution'' has the meaning 
given in section 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994.
(3) Federal banking regulators.--The term ``Federal banking 
regulators'' means the Board of Governors of the Federal 
Reserve System, the Comptroller of the Currency, the Federal 
Deposit Insurance Corporation, the National Credit Union 
Administration, and the Director of the Bureau of Consumer 
Financial Protection.
(4) Minority depository institution.--The term ``minority 
depository institution'' has the meaning given in section 
308(b) of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989.
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