I 

118TH CONGRESS 

1ST SESSION H. R. 1533 

To require the Federal banking regulators to jointly conduct a study and 

develop a strategic plan to address challenges faced by proposed depository institutions seeking de novo depository institution charters; and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 10, 2023 

Mr. AUCHINCLOSS (for himself and Mr. MCHENRY) introduced the following 

bill; which was referred to the Committee on Financial Services 

A BILL 

To require the Federal banking regulators to jointly conduct 

a study and develop a strategic plan to address challenges faced by proposed depository institutions seeking 

de novo depository institution charters; and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Promoting New and 

5 Diverse Depository Institutions Act’’. 


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1 SEC. 2. STUDY AND STRATEGIC PLAN. 

2 (a) IN GENERAL.—The Federal banking regulators 

3 shall jointly— 

4 (1) conduct a study about the challenges faced 

5 by proposed depository institutions, including pro6 posed minority depository institutions, seeking de 

7 novo depository institution charters; and 

8 (2) submit to the Committee on Financial Serv9 ices of the House of Representatives and the Com10 mittee on Banking, Housing, and Urban Affairs of 

11 the Senate and publish publically, not later than 18 

12 months after the date of the enactment of this sec13 tion— 

14 (A) an analysis based on the study con15 ducted pursuant to paragraph (1); 

16 (B) any findings from the study conducted 

17 pursuant to paragraph (1); and 

18 (C) any legislative recommendations that 

19 the Federal banking regulators developed based 

20 on the study conducted pursuant to paragraph 

21 (1). 

22 (b) STRATEGIC PLAN.— 

23 (1) IN GENERAL.—Not later than 18 months 

24 after the date of the enactment of this section, the 

25 Federal banking regulators shall jointly submit to 

26 the Committee on Financial Services of the House of 


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1 Representatives and the Committee on Banking, 

2 Housing, and Urban Affairs of the Senate and pub3 lish publically a strategic plan based on the study 

4 conducted pursuant to subsection (a) and designed 

5 to help proposed depository institutions (including 

6 proposed minority depository institutions) success7 fully apply for de novo depository institution char8 ters in a manner that promotes increased availability 

9 of banking and financial services, safety and sound10 ness, consumer protection, community reinvestment, 

11 financial stability, and a level playing field. 

12 (2) CONTENTS OF STRATEGIC PLAN.—The stra13 tegic plan described in paragraph (1) shall— 

14 (A) promote the chartering of de novo de15 pository institutions, including— 

16 (i) proposed minority depository insti17 tutions; and 

18 (ii) proposed depository institutions 

19 that could be certified as community devel20 opment financial institutions; and 

21 (B) describe actions the Federal banking 

22 regulators may take that would increase the 

23 number of depository institutions located in ge24 ographic areas where consumers lack access to 

25 a branch of a depository institution. 


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1 (c) PUBLIC INVOLVEMENT.—When conducting the 

2 study and developing the strategic plan required by this 

3 Act, the Federal banking regulators shall invite comments 

4 and other feedback from the public to inform the study 

5 and strategic plan. 

6 (d) DEFINITIONS.—In this Act: 

7 (1) DEPOSITORY INSTITUTION.—The term ‘‘de8 pository institution’’ has the meaning given in sec9 tion 3 of the Federal Deposit Insurance Act, and in10 cludes a ‘‘Federal credit union’’ and a ‘‘State credit 

11 union’’ as such terms are defined, respectively, 

12 under section 101 of the Federal Credit Union Act. 

13 (2) COMMUNITY DEVELOPMENT FINANCIAL IN14 STITUTION.—The term ‘‘community development fi15 nancial institution’’ has the meaning given in section 

16 103 of the Riegle Community Development and Reg17 ulatory Improvement Act of 1994. 

18 (3) FEDERAL BANKING REGULATORS.—The 

19 term ‘‘Federal banking regulators’’ means the Board 

20 of Governors of the Federal Reserve System, the 

21 Comptroller of the Currency, the Federal Deposit 

22 Insurance Corporation, the National Credit Union 

23 Administration, and the Director of the Bureau of 

24 Consumer Financial Protection. 


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1 (4) MINORITY DEPOSITORY INSTITUTION.—The 

2 term ‘‘minority depository institution’’ has the 

3 meaning given in section 308(b) of the Financial In4 stitutions Reform, Recovery, and Enforcement Act 

5 of 1989. 

Æ 


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