H.R. 4544 · Passed House · Finance and Financial Sector

American Access to Banking Act

Sponsor: Maxine Waters (D-CA)

What it does

• Requires federal financial regulators to review and streamline the application process for forming new depository institutions and credit unions.
• Requires regulators to collect needed information from other agencies where practicable to minimize requests to applicants.
• Requires a review of how new institutions raise capital while protecting investors, including the effect of capital-raising restrictions.
• Requires, on request, a caseworker for each applicant and a list of similar institutions willing to serve as mentors.
• Requires each regulator to develop a state and stakeholder engagement plan to help interested parties understand the process.

Official summary

American Access to Banking Act This bill requires federal financial regulators to review and streamline the application process for the formation of de novo, or new, depository institutions or credit unions. Regulators must (1) review the application process; (2) to the extent practicable, collect necessary information from other agencies in order to minimize requests for applicant information; and (3) review how de novo financial intuitions raise capital while maintaining investor protections, including the impact of restrictions on raising capital. At the request of an applicant, regulators must (1) designate an employee as a caseworker to assist in the application process, and (2) provide a list of similar institutions interested in serving as a mentor. Each regulator must also develop a state and stakeholder engagement plan to assist interested parties with understanding the relevant regulatory processes.

Latest action

May 21, 2026: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committee: Senate Banking, Housing, and Urban Affairs