IB 
Union Calendar No. 163 
117TH CONGRESS 
2D SESSION 
H. R. 4590 
[Report No. 117–229] 
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 
JANUARY 20, 2022 
Additional sponsors: Mr. GREEN of Texas, Mr. MCHENRY, Mr. TAYLOR, Mr. 
KILDEE, and Mr. DANNY K. DAVIS of Illinois 
JANUARY 20, 2022 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on July 21, 2021] 
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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. 
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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 Di-
verse Depository Institutions Act’’. 
SEC. 2. STUDY AND STRATEGIC PLAN. 
(a) IN GENERAL.—The Federal banking regulators 
shall jointly— 
(1) conduct a study about the challenges faced by 
proposed depository institutions, including proposed 
minority depository institutions, seeking de novo de-
pository institution charters; and 
(2) submit to the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate and publish publically, not later than 18 
months after the date of the enactment of this sec-
tion— 
(A) an analysis based on the study con-
ducted pursuant to paragraph (1); 
(B) any findings from the study conducted 
pursuant to paragraph (1); and 
(C) any legislative recommendations that 
the Federal banking regulators developed based 
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on the study conducted pursuant to paragraph 
(1). 
(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 Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate and publish pub-
lically a strategic plan based on the study conducted 
pursuant to subsection (a) and designed to help pro-
posed depository institutions (including proposed mi-
nority depository institutions) successfully apply for 
de novo depository institution charters in a manner 
that promotes increased availability of banking and 
financial services, safety and soundness, consumer 
protection, community reinvestment, financial sta-
bility, and a level playing field. 
(2) CONTENTS OF STRATEGIC PLAN.—The stra-
tegic plan described in paragraph (1) shall— 
(A) promote the chartering of de novo de-
pository institutions, including— 
(i) proposed minority depository insti-
tutions; and 
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(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 geo-
graphic 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 section 
3 of the Federal Deposit Insurance Act, and includes 
a ‘‘Federal credit union’’ and a ‘‘State credit union’’ 
as such terms are defined, respectively, under section 
101 of the Federal Credit Union Act. 
(2) COMMUNITY DEVELOPMENT FINANCIAL INSTI-
TUTION.—The term ‘‘community development finan-
cial institution’’ has the meaning given in section 103 
of the Riegle Community Development and Regu-
latory 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 Comp-
troller of the Currency, the Federal Deposit Insurance 
Corporation, the National Credit Union Administra-
tion, and the Director of the Bureau of Consumer Fi-
nancial Protection. 
(4) MINORITY
DEPOSITORY
INSTITUTION.—The 
term ‘‘minority depository institution’’ has the mean-
ing given in section 308(b) of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 1989. 
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Union Calendar No. 163 
117TH CONGRESS 
2D SESSION 
H. R. 4590 
[Report No. 117–229] 
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. 
JANUARY 20, 2022 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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21:40 Jan 20, 2022
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PO 00000
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