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 challenges faced by proposed depository institutions seeking de novo depository institution charters; and for other purposes.

1. Short title This Act may be cited as the Promoting New and Diverse Depository Institutions Act . 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 depository institution charters; and (2) 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 publish publically, not later than 18 months after the date of the enactment of this section— (A) an analysis based on the study conducted 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 (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 publish 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) 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 stability, and a level playing field. (2) Contents of strategic plan The strategic plan described in paragraph (1) shall— (A) promote the chartering of de novo depository institutions, including— (i) proposed minority depository institutions; and (ii) proposed depository institutions that could be certified as community development financial institutions; and (B) describe actions the Federal banking regulators may take that would increase the number of depository institutions located in geographic 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 depository 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 institution The term community development financial institution has the meaning given in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994. (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 Institutions 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 figure described in such subparagraph by $5,000,000. (2) Effective date The amendment made by paragraph (1) shall take effect on September 30, 2022. 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, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives July 26, 2022. Cheryl L. Johnson, Clerk.