IIB 
117TH CONGRESS 
2D SESSION 
H. R. 4590 
IN THE SENATE OF THE UNITED STATES 
JULY 27, 2022 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting New and 
Diverse 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 pro-
posed minority depository institutions, seeking de 
novo depository 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 
on the study conducted pursuant to paragraph 
(1). 
(b) STRATEGIC PLAN.— 
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(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 and pub-
lish publically a strategic plan based on the study 
conducted pursuant to subsection (a) and designed 
to help proposed depository institutions (including 
proposed minority depository institutions) success-
fully apply for de novo depository institution char-
ters in a manner that promotes increased availability 
of banking and financial services, safety and sound-
ness, 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 de novo de-
pository institutions, including— 
(i) proposed minority depository insti-
tutions; and 
(ii) proposed depository institutions 
that could be certified as community devel-
opment financial institutions; and 
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(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, and in-
cludes 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 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. 
(3) FEDERAL
BANKING
REGULATORS.—The 
term ‘‘Federal banking regulators’’ means the Board 
of Governors of the Federal Reserve System, the 
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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. 
(e) REDUCTION.— 
(1) IN GENERAL.—Subparagraph (A) of section 
7(a)(3) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by reducing the dollar fig-
ure described in such subparagraph by $5,000,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2022. 
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
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vided that such statement has been submitted prior to the 
vote on passage. 
Passed the House of Representatives July 26, 2022. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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