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   2023-03-08T20:26:37Z
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   117
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   &lt;pre&gt;[Congressional Record Volume 167, Number 65 (Thursday, April 15, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. BARR:H.R. 2561.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution.[Page H1843]&lt;/pre&gt;
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     Barr
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     Rep. Perlmutter, Ed [D-CO-7]
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     Ed
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     Perlmutter
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     Introduced in House
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     2021-09-17T13:46:25Z
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     &lt;p&gt;&lt;b&gt;Promoting Access to Capital in Underbanked Communities Act of 2021&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations. &lt;/p&gt; &lt;p&gt;Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution may request to deviate from an approved business plan and the appropriate agency has 30 days to approve or deny the request. &lt;/p&gt; &lt;p&gt;The community bank leverage ratio&amp;#8212;a way of evaluating debt levels&amp;#8212;is reduced for certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio is 8.5%.&lt;/p&gt; &lt;p&gt;The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.&lt;/p&gt;
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   Promoting Access to Capital in Underbanked Communities Act of 2021
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     Promoting Access to Capital in Underbanked Communities Act of 2021
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     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.
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   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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H11100
2021-04-15
Financial Services Committee
hsba00
2
House floor actions
Referred to the House Committee on Financial Services.
IntroReferral
Intro-H
2021-04-15
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-04-15
9
Library of Congress
Introduced in House
IntroReferral
2021-04-15T16:04:00Z
Referred to
House
Financial Services Committee
hsba00
Standing
D000032
19
Byron
Rep. Donalds, Byron [R-FL-19]
Donalds
R
2021-05-25
FL
K000392
8
David
Rep. Kustoff, David [R-TN-8]
Kustoff
R
2021-06-16
TN
R000612
6
John
Rep. Rose, John W. [R-TN-6]
Rose
W.
R
2021-07-09
TN
P000593
7
Ed
Rep. Perlmutter, Ed [D-CO-7]
Perlmutter
D
2021-10-12
CO
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-04-15
2021-04-15
Referred to the House Committee on Financial Services.
House
Finance and Financial Sector
B001282
6
Andy
Rep. Barr, Andy [R-KY-6]
N
Barr
R
KY
Administrative law and regulatory procedures Agricultural prices, subsidies, credit Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Credit and credit markets Financial services and investments Government information and archives Government studies and investigations Rural conditions and development
2021-04-15
Introduced in House
 <p><b>Promoting Access to Capital in Underbanked Communities Act of 2021</b></p> <p>This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations. </p> <p>Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution may request to deviate from an approved business plan and the appropriate agency has 30 days to approve or deny the request. </p> <p>The community bank leverage ratio&#8212;a way of evaluating debt levels&#8212;is reduced for certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio is 8.5%.</p> <p>The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.</p>
2021-09-17T13:46:25Z
00
2021-04-15T04:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr2561ih/xml/BILLS-117hr2561ih.xml
Promoting Access to Capital in Underbanked Communities Act of 2021
Promoting Access to Capital in Underbanked Communities Act of 2021
Display Title
IH
Introduced in House
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.
Official Title as Introduced
IH
Introduced in House
Promoting Access to Capital in Underbanked Communities Act of 2021
Short Title(s) as Introduced
HR
2023-03-08T20:26:37Z
2023-03-08T20:26:37Z
3.0.0
H11100
2021-04-15
Financial Services Committee
hsba00
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Referred to the House Committee on Financial Services.
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2021-04-15
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Library of Congress
Introduced in House
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2021-04-15
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Library of Congress
Introduced in House
IntroReferral
B001282
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Andy
Rep. Barr, Andy [R-KY-6]
N
Barr
R
KY
D000032
19
Byron
Rep. Donalds, Byron [R-FL-19]
Donalds
R
2021-05-25
FL
K000392
8
David
Rep. Kustoff, David [R-TN-8]
Kustoff
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2021-06-16
TN
R000612
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John
Rep. Rose, John W. [R-TN-6]
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W.
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2021-07-09
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P000593
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Ed
Rep. Perlmutter, Ed [D-CO-7]
Perlmutter
D
2021-10-12
CO
Administrative law and regulatory procedures Agricultural prices, subsidies, credit Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Credit and credit markets Financial services and investments Government information and archives Government studies and investigations Rural conditions and development
2021-04-15
Introduced in House
 <p><b>Promoting Access to Capital in Underbanked Communities Act of 2021</b></p> <p>This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations. </p> <p>Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution may request to deviate from an approved business plan and the appropriate agency has 30 days to approve or deny the request. </p> <p>The community bank leverage ratio&#8212;a way of evaluating debt levels&#8212;is reduced for certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio is 8.5%.</p> <p>The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.</p>
2021-09-17T13:46:25Z
00
Promoting Access to Capital in Underbanked Communities Act of 2021
Promoting Access to Capital in Underbanked Communities Act of 2021
Display Title
IH
Introduced in House
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.
Official Title as Introduced
IH
Introduced in House
Promoting Access to Capital in Underbanked Communities Act of 2021
Short Title(s) as Introduced
2021-04-15
Referred to the House Committee on Financial Services.