Skip to main content
H.R. 758 118th Congress House

Promoting Access to Capital in Underbanked Communities Act of 2023

Official title: To require the appropriate Federal banking agencies to establish a 3-year phase-in period for de novo financial institutions to comply with Federal capital sta… Show full official titleShow less

Official title: To require the appropriate Federal banking agencies to establish a 3-year phase-in period for de novo financial institutions to comply with Federal capital standards, to provide relief for de novo rural community banks, and for other purposes.

Introduced: February 9, 2023 Introduced by: Andy Barr Republican · Kentucky See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresAgricultural prices, subsidies, creditBank accounts, deposits, capitalBanking and financial institutions regulation
More subjectsShow fewer subjects
Congressional oversightCredit and credit marketsFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsRural conditions and development
Sign in to write a letter Sign in to watch
This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 3, 2024
Placed on the Union Calendar, Calendar No. 649.
Dec 3, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-786.
May 16, 2024
Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 22.
May 16, 2024
Committee Consideration and Mark-up Session Held
Feb 2, 2023
Introduced in House
Feb 2, 2023
Referred to the House Committee on Financial Services.
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action December 3, 2024

Placed on the Union Calendar, Calendar No. 649.

 Plain-English summary Congressional Research Service

Promoting Access to Capital in Underbanked Communities Act of 2023

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%.

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

 Related & companion bills 1
  • S 3937 Promoting Access to Capital in Underbanked Communities Act
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 17
All 17 Republican 15
R
Houchin, Erin
Indiana · Oct 19, 2023
 R
De La Cruz, Monica
Texas · Jun 14, 2023
Posey, Bill
· May 31, 2023
 R
Ezell, Mike
Mississippi · May 22, 2023
 R
Reschenthaler, Guy
Pennsylvania · Apr 27, 2023
 R
Williams, Roger
Texas · Apr 27, 2023
 R
Rose, John W.
Tennessee · Mar 8, 2023
 R
Valadao, David G.
California · Mar 8, 2023
 R
Fitzpatrick, Brian K.
Pennsylvania · Mar 1, 2023
 R
Guest, Michael
Mississippi · Mar 1, 2023
 R
Kim, Young
California · Mar 1, 2023
 R
Kustoff, David
Tennessee · Mar 1, 2023
 R
Timmons, William R.
South Carolina · Mar 1, 2023
 R
Donalds, Byron
Florida · Feb 9, 2023
 R
Loudermilk, Barry
Georgia · Feb 9, 2023
Luetkemeyer, Blaine
· Feb 9, 2023
 R
Sessions, Pete
Texas · Feb 9, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 758: Promoting Access to Capital in Underbanked Communities Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-758/
MLA
"H.R. 758: Promoting Access to Capital in Underbanked Communities Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-758/.
Bluebook (legal)
H.R. 758, 118th Cong. (2026), https://openamerica.io/bill/118-HR-758/.
Markdown link
[H.R. 758: Promoting Access to Capital in Underbanked Communities Act of 2023](https://openamerica.io/bill/118-HR-758/)
Report a problem