I 
117TH CONGRESS 
1ST SESSION H. R. 4590 
To require the Federal banking regulators to jointly conduct a study and 
develop a strategic plan to address challenges faced by proposed deposi-
tory institutions seeking de novo depository institution charters; and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 21, 2021 
Mr. AUCHINCLOSS 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 chal-
lenges faced by proposed depository institutions seeking 
de novo depository institution charters; and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting New and 
Diverse Depository Institutions Act’’. 
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SEC. 2. STUDY AND STRATEGIC PLAN. 
(a) IN GENERAL.—The Federal banking regulators 
shall jointly, and in consultation with the Secretary of the 
Treasury, conduct a study about the challenges faced by 
proposed depository institutions, including proposed mi-
nority depository institutions, seeking de novo depository 
institution charters. 
(b) STRATEGIC PLAN.— 
(1) IN GENERAL.—Not later than 18 months 
after the date of the enactment of this section, the 
Federal banking regulators shall jointly submit to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate a stra-
tegic plan based on the study conducted pursuant to 
subsection (a) and designed to help proposed deposi-
tory institutions (including proposed minority depos-
itory institutions) successfully apply for de novo de-
pository institution charters in a manner that pro-
motes increased availability of banking and financial 
services, safety and soundness, consumer protection, 
community reinvestment, financial stability, and a 
level playing field. 
(2) CONTENTS OF STRATEGIC PLAN.—The stra-
tegic plan described in paragraph (1) shall— 
(A) promote the chartering of— 
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(i) proposed minority depository insti-
tutions; and 
(ii) proposed depository institutions 
that could be certified as community devel-
opment financial institutions; and 
(B) describe actions the Federal banking 
regulators may take that would increase the 
number of depository institutions located in ge-
ographic areas where consumers lack access to 
a branch of a depository institution. 
(c) PUBLIC INVOLVEMENT.—When conducting the 
study and developing the strategic plan required by this 
Act, the Federal banking regulators shall invite comments 
and other feedback from the public to inform the study 
and strategic plan. 
(d) DEFINITIONS.—In this Act: 
(1) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given in sec-
tion 3 of the Federal Deposit Insurance Act. 
(2) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given in section 
103 of the Riegle Community Development and Reg-
ulatory Improvement Act of 1994. 
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(3) FEDERAL
BANKING
REGULATORS.—The 
term ‘‘Federal banking regulators’’ means the Board 
of Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, the National Credit Union 
Administration, and the Director of the Bureau of 
Consumer Financial Protection. 
(4) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given in section 308(b) of the Financial In-
stitutions Reform, Recovery, and Enforcement Act 
of 1989. 
Æ 
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