[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2252 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2252

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 12, 2023

Mr. Kennedy (for himself and Ms. Smith) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting New and Diverse Depository 
Institutions Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Depository institution.--The term ``depository 
        institution''--
                    (A) has the meaning given the term in section 3 of 
                the Federal Deposit Insurance Act (12 U.S.C. 1813); and
                    (B) includes a Federal credit union and a State 
                credit union, as those terms are defined in section 101 
                of the Federal Credit Union Act (12 U.S.C. 1752).
            (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 (12 U.S.C. 4702).
            (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 (12 U.S.C. 1463 note).

SEC. 3. 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) not later than 18 months after the date of enactment of 
        this section, submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives and publish 
        publically--
                    (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 
        enactment of this section, the Federal banking regulators shall 
        jointly submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives 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.
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