Skip to main content
H.R. 478 119th Congress House

Promoting New Bank Formation Act

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 5, 2025 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
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 6, 2025
Placed on the Union Calendar, Calendar No. 64.
May 6, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.
Apr 2, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
Apr 2, 2025
Committee Consideration and Mark-up Session Held
Jan 16, 2025
Introduced in House
Jan 16, 2025
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.

What's happening now May 6, 2025

Placed on the Union Calendar, Calendar No. 64.

 Plain-English summary Congressional Research Service

Promoting New Bank Formation Act

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%. 

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

 Hearings & markups 1
  • Various Measures
    Markup Apr 2, 2025 · 10:00 AM EDT · Financial Services Committee
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 15

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 15 filings →
 Cosponsors 24
All 24 Republican 24
R
Sessions, Pete
Texas · Apr 1, 2025
 R
Lawler, Michael
New York · Mar 31, 2025
 R
Moore, Tim
North Carolina · Feb 24, 2025
 R
Shreve, Jefferson
Indiana · Feb 24, 2025
 R
Fitzgerald, Scott
Wisconsin · Feb 10, 2025
 R
Schmidt, Derek
Kansas · Feb 10, 2025
 R
Alford, Mark
Missouri · Feb 5, 2025
 R
McDowell, Addison P.
North Carolina · Feb 5, 2025
 R
Rose, John W.
Tennessee · Feb 5, 2025
 R
Donalds, Byron
Florida · Feb 4, 2025
 R
Dunn, Neal P.
Florida · Feb 4, 2025
 R
Flood, Mike
Nebraska · Feb 4, 2025
 R
Palmer, Gary J.
Alabama · Feb 4, 2025
 R
Williams, Roger
Texas · Feb 4, 2025
 R
Franklin, Scott
Florida · Jan 23, 2025
 R
Huizenga, Bill
Michigan · Jan 23, 2025
 R
Knott, Brad
North Carolina · Jan 23, 2025
 R
Timmons, William R.
South Carolina · Jan 23, 2025
 R
Cline, Ben
Virginia · Jan 22, 2025
 R
De La Cruz, Monica
Texas · Jan 22, 2025
 R
Downing, Troy
Montana · Jan 22, 2025
 R
Ellzey, Jake
Texas · Jan 22, 2025
 R
Loudermilk, Barry
Georgia · Jan 22, 2025
 R
Meuser, Daniel
Pennsylvania · Jan 21, 2025
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 478: Promoting New Bank Formation Act. 119th Congress. Open America. https://openamerica.io/bill/119-HR-478/
MLA
"H.R. 478: Promoting New Bank Formation Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HR-478/.
Bluebook (legal)
H.R. 478, 119th Cong. (2026), https://openamerica.io/bill/119-HR-478/.
Markdown link
[H.R. 478: Promoting New Bank Formation Act](https://openamerica.io/bill/119-HR-478/)
Report a problem