The "American Access to Banking Act" aims to streamline the process for new banks to be established, enhance communication between regulators and new banks, and provide support to these institutions. It requires federal banking agencies to review and streamline the de novo application process, designate an employee as a point of contact, and create mentorship partnerships. The Act also mandates the development of a plan for engagement with state regulators and stakeholders and requires agencies to regularly consult with them. Finally, the Act defines terms and clarifies that the application process includes applying for federal insurance.
American Access to Banking Act
This bill requires federal financial regulators to review and streamline the application process for the formation of de novo, or new, depository institutions or credit unions.
Regulators must (1) review the application process; (2) to the extent practicable, collect necessary information from other agencies in order to minimize requests for applicant information; and (3) review how de novo financial intuitions raise capital while maintaining investor protections, including the impact of restrictions on raising capital.
At the request of an applicant, regulators must (1) designate an employee as a caseworker to assist in the application process, and (2) provide a list of similar institutions interested in serving as a mentor.
Each regulator must also develop a state and stakeholder engagement plan to assist interested parties with understanding the relevant regulatory processes.