H.R. 758, Promoting Access to Capital in Underbanked Communities Act of 2023
As ordered reported by the House Committee on Financial Services on May 16, 2024
By Fiscal Year, Millions of Dollars
2025
2025-2029
2025-2034
Direct Spending (Outlays)
1
6
16
Revenues
*
*
-16
Increase or Decrease (-) in the Deficit
1
6
32
Spending Subject to Appropriation (Outlays)
0
0
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
< $2.5 billion
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
< $5 billion
Contains intergovernmental mandate?
No
Contains private-sector mandate?
Yes, Under Threshold
* = between -$500,000 and zero.
Summary
H.R. 758 would direct the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve to issue rules granting new financial institutions three years to meet existing capital requirements. Under current law, new financial institutions typically have about a year to meet those requirements. The bill also would allow new institutions to request permission to deviate from their approved business plan during that three-year period.
Additionally, H.R. 758 would require the federal banking agencies to report on the causes of the small number of new financial institutions created over the last 10 years and recommend ways to promote the creation of new financial institutions in underserved areas. Finally, the bill would reduce the bank leverage ratio for certain rural community banks and allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
The costs of the legislation, detailed in Table 1, fall within budget function 370 (commerce and housing credit).
