H.R. 4590 · 117th Congress
Promoting New and Diverse Depository Institutions Act
- Stage
- Passed a chamber
- Sponsor
- Jake Auchincloss
- Introduced
- 2021-07-21
- Latest action
- 2022-07-27 · Motion to reconsider laid on the table Agreed to without objection.
Summary
Promoting New and Diverse Depository Institutions Act
This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.
The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)