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Hyde-Smith, Cindy [R-MS]","MS","R","H001079","2025-05-27T14:12:50Z",[],"Senate",119,false,"Promoting New Bank Formation Act of 2025","2026-05-10T15:56:24.525Z",[],1,0,2,"s",[],[],"https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fsenate-bill\u002F113","Finance and Financial Sector",{"date":6,"text":31},"Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.",113,"in_committee","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.","2026-05-22T13:47:43.895Z","finance and financial sector",[38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208],"promoting","pr","pro","prom","promo","promot","promoti","promotin","new","bank","ba","ban","formation","fo","for","form","forma","format","formati","formatio","act","of","2025","20","202","bill","bi","bil","to","require","re","req","requ","requi","requir","the","appropriate","ap","app","appr","appro","approp","appropr","appropri","appropria","appropriat","federal","fe","fed","fede","feder","federa","banking","banki","bankin","agencies","ag","age","agen","agenc","agenci","agencie","establish","es","est","esta","estab","establ","establi","establis","year","ye","yea","phase","ph","pha","phas","in","period","pe","per","peri","perio","de","novo","no","nov","financial","fi","fin","fina","finan","financ","financi","financia","institutions","ins","inst","insti","instit","institu","institut","instituti","institutio","institution","comply","co","com","comp","compl","with","wi","wit","capital","ca","cap","capi","capit","capita","standards","st","sta","stan","stand","standa","standar","standard","provide","prov","provi","provid","relief","rel","reli","relie","rural","ru","rur","rura","community","comm","commu","commun","communi","communit","banks","and","other","ot","oth","othe","purposes","pu","pur","purp","purpo","purpos","purpose","sen","hyde","hy","hyd","smith","sm","smi","smit","cindy","ci","cin","cind","ms",[],true,[212],{"versionCode":213,"actionDate":6,"actionDesc":214,"text":215,"updateDate":216},"00","Introduced in Senate","\u003Cp>\u003Cstrong>Promoting New Bank Formation Act of 2025\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>This bill eliminates and reduces certain requirements applicable to new financial institutions, certain rural community banks, and federal savings associations.\u003C\u002Fp>\u003Cp>Under the bill, federal banking agencies must issue rules allowing new financial institutions to meet capital requirements within three years. 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.\u003C\u002Fp>\u003Cp>In addition, the community bank leverage ratio—a way of evaluating debt levels—is reduced for new rural community banks. Specifically, new rural community banks 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%. \u003C\u002Fp>\u003Cp>Finally, the bill removes certain restrictions to allow federal savings associations to invest in, sell, or otherwise deal in agricultural loans.\u003C\u002Fp>","2025-04-16T18:56:13Z",[218],{"bioguideId":219,"fullName":220,"party":12,"state":221,"sponsorshipDate":222,"isOriginalCosponsor":18,"withdrawn":18,"sponsorshipWithdrawnDate":3},"S001232","Sen. Sheehy, Tim [R-MT]","MT","2025-01-27",{"S001232":224},"tim-sheehy",[226,233],{"actionDate":6,"actionDateTime":3,"text":31,"type":227,"actionCode":3,"sourceSystem":228,"committees":229,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":23,"isKeyMilestone":18},"IntroReferral",{"name":16},[230],{"name":231,"systemCode":232},"Banking, Housing, and Urban Affairs Committee","ssbk00",{"actionDate":6,"actionDateTime":3,"text":214,"type":227,"actionCode":234,"sourceSystem":235,"committees":3,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":22,"isKeyMilestone":210},"10000",{"code":236,"name":237},9,"Library of Congress",[],{},[],"cindy-hyde-smith"]