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Promoting Access to Capital in Underbanked Communities Act of 2021

Introduced: April 15, 2021 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 15, 2021
Referred to the House Committee on Financial Services.
Apr 15, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Promoting Access to Capital in Underbanked Communities Act of 2021

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.

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 8.5%.

The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.

What's happening now April 15, 2021

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3