Promoting Access to Capital in Underbanked Communities Act of 2020
Latest action · Sep 29, 2020 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 29, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Promoting Access to Capital in Underbanked Communities Act of 2020
This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations.
Federal banking agencies must issue rules allowing new financial institutions three years to meet capital requirements. During this period, a financial institution may request to deviate from an approved business plan and the appropriate agency has 30 days to approve or deny the request.
The community bank leverage ratio—a way of evaluating debt levels—is reduced for certain rural community banks. Specifically, new rural community banks must have a ratio of 8%, with a three-year phase-in of the rate. Currently, the ratio must not be less than 8% and not more than 10%.
The bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Sep 29, 2020 to Sep 30, 2020, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Denver Riggleman | Original | Sep 29, 2020 |
| R-OH | Steve Stivers | Original | Sep 29, 2020 |
| R-WI | Bryan Steil | Sep 30, 2020 |
Actions 2
Everything that happened, newest first.
- Sep 29, 2020Introduced in House
- Sep 29, 2020Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Agricultural prices, subsidies, credit
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Credit and credit markets
- Finance and Financial Sector
- Financial services and investments
- Government information and archives
- Government studies and investigations
- Rural conditions and development
Text 1
Each version as it was printed, newest first.
- Sep 29, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.