This bill aims to support the creation of new banks and credit unions by streamlining the application process and facilitating communication with regulatory agencies. It requires federal financial institutions regulatory agencies to review and simplify application forms, provide caseworkers to guide applicants, and establish mentor-protégé partnerships. The bill also urges agencies to engage with state regulators and stakeholders to promote cooperation. The plan includes public comments. Additionally, the bill reduces a specified dollar amount under the Federal Reserve Act. This bill responds to perceived barriers for new financial institutions and seeks to enhance the environment for their establishment and growth.