119:hr:478 — Promoting New Bank Formation Act

Sponsor

Introduced by

Andy Barr

R Republican · House · KY-06 R+7

Chairman · Financial Institutions (sub)

Latest action

Placed on the Union Calendar, Calendar No. 64.

Action timeline

Every recorded action on this bill, newest first. Stage badges color-code the legislative path.

May 06, 2025

committee Reported (Amended) by the Committee on Financial Services. H. Rept. 119-90.

Financial Services Committee

May 06, 2025

other Placed on the Union Calendar, Calendar No. 64.

Apr 02, 2025

committee Committee Consideration and Mark-up Session Held

Financial Services Committee

Apr 02, 2025

committee Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.

Financial Services Committee

Jan 16, 2025

introduced Introduced in House

Text versions

Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.

May 06, 2025 Reported in House

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Jan 16, 2025 Introduced in House

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CRS summaries

Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.

00 Introduced in House Jan 16, 2025

Promoting New Bank Formation Act This bill eliminates and reduces certain requirements applicable to new depository institutions, certain rural community depository institutions, and federal savings associations. Federal banking agencies must issue rules allowing a new depository institution or depository institution holding company three years to meet capital requirements. During this period, a depository institution or its depository institution holding company may request to deviate from an approved business plan, and the appropriate agency has 30 days to approve or deny the request. In addition, the community bank leverage ratio—a way of evaluating debt levels—is reduced for new rural community depository institutions. Specifically, new rural community depository institutions must have a ratio of 8%, with a three-year phase-in of the rate. After this period, the ratio rises to its current level of 9%. Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.

via Congressional Research Service · published through congress.gov

Changelog

ⓘ

How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.

`ih` / `is` — Introduced in House / Senate. First filed version.

`rfh` / `rfs` — Referred to a committee for review.

`rh` / `rs` — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).

`pcs` / `pch` — Placed on Calendar for floor consideration.

`eh` / `es` — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.

`rdh` / `rds` — Received by the other chamber.

`eah` / `eas` — Engrossed Amendment. The other chamber passed an amended version.

`ath` / `ats` — Agreed to. Both chambers settled on the same text.

`enr` — Enrolled. Final reconciled text, sent to the President.

`pl` — Public Law. Signed by the President. It's now law.

`pp` — Public Print. Official printing post-enactment.

Most bills die before `eh`/`es`. Going from `pcs` → `enr` is the full path through both chambers.

Line-level diff between text versions of this bill — what actually changed at each legislative stage.

+49 −4 31 unchanged

--- Introduced (House)

+++ Reported (House)

@@ -1,11 +1,14 @@

[From the U.S. Government Publishing Office]

-[H.R. 478 Introduced in House (IH)]

+[H.R. 478 Reported in House (RH)]

<DOC>

+Union Calendar No. 64

119th CONGRESS

1st Session

H. R. 478

+

+[Report No. 119-90]

To require the appropriate Federal banking agencies to establish a 3-

year phase-in period for de novo financial institutions to comply with

@@ -20,6 +23,24 @@

Mr. Barr introduced the following bill; which was referred to the

Committee on Financial Services

+

+May 6, 2025

+

+Additional sponsors: Mr. Meuser, Mr. Downing, Mr. Loudermilk, Ms. De La

+Cruz, Mr. Cline, Mr. Ellzey, Mr. Scott Franklin of Florida, Mr.

+Huizenga, Mr. Knott, Mr. Timmons, Mr. Dunn of Florida, Mr. Williams of

+Texas, Mr. Flood, Mr. Palmer, Mr. Donalds, Mr. Rose, Mr. McDowell, Mr.

+Alford, Mr. Schmidt, Mr. Fitzgerald, Mr. Shreve, Mr. Moore of North

+Carolina, Mr. Lawler, and Mr. Sessions

+

+May 6, 2025

+

+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 January

+16, 2025]

_______________________________________________________________________

@@ -59,7 +80,7 @@

institution holding company may request to deviate from a business plan

that has been approved by the appropriate Federal banking agency by

submitting a request to such agency pursuant to this section.

-(b) Review of Changes.--An appropriate Federal banking agency

+(b) Review of Changes.--The appropriate Federal banking agency

shall, not later than the end of the 30-day period beginning on the

receipt of a request under subsection (a)--

(1) approve, conditionally approve, or deny such request;

@@ -71,7 +92,7 @@

(B) suggest changes to the request that, if

adopted, would allow the agency to approve such

request.

-(c) Result of Failure To Act.--If an appropriate Federal banking

+(c) Result of Failure to Act.--If an appropriate Federal banking

agency fails to approve or deny a request within the 30-day period

required under subsection (b), such request shall be deemed to be

approved.

@@ -133,4 +154,28 @@

``Federal banking agency'', and ``insured depository institution'' have

the meaning given those terms, respectively, under section 3 of the

Federal Deposit Insurance Act.

-<all>

+Union Calendar No. 64

+

+119th CONGRESS

+

+1st Session

+

+H. R. 478

+

+[Report No. 119-90]

+

+_______________________________________________________________________

+

+A BILL

+

+To require the appropriate Federal banking agencies to establish a 3-

+year phase-in period for de novo financial institutions to comply with

+Federal capital standards, to provide relief for de novo rural

+community banks, and for other purposes.

+

+_______________________________________________________________________

+

+May 6, 2025

+

+Reported with an amendment, committed to the Committee of the Whole

+House on the State of the Union, and ordered to be printed

Lobbying activity

Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.

AMERICAN BANKERS ASSOCIATION

BAN

5

filings · 2026 Q3

INDEPENDENT COMMUNITY BANKERS OF AMERICA

BAN

5

filings · 2026 Q3

via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.

Cosponsors (24)

Members who signed on to support this bill.