American Access to Banking Act

Bill Number: H.R. 4544
Origin Chamber: House
Congress: 119th Congress, Session 2
Policy Area: Finance and Financial Sector
Status: Passed House
Latest Action: 2026-05-21: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Last Updated: 2026-05-23T06:38:25Z

AI-Generated Summary

American Access to Banking Act (H.R. 4544)

Purpose

This legislation directs Federal banking and credit union agencies to encourage the creation of new regulated financial institutions (known as de novo institutions) by simplifying application processes, improving support for applicants, and fostering cooperation with state regulators and stakeholders.

Key Provisions

Streamlining Applications and Capital Review: Agencies must review application forms to reduce burdens, gather applicant information from other government sources where possible, and consult with the Securities and Exchange Commission on capital-raising methods while protecting investors.
Caseworker Support: Agencies must assign a dedicated caseworker to assist applicants, including providing tutorials on the process and serving as the main contact point.
Mentor Partnerships: Agencies must supply lists of recently approved similar institutions willing to mentor new applicants and offer public guidance on requesting or providing mentorship.
Engagement Plans: Agencies must create plans for regular consultations with state regulators and stakeholders (such as applicants and recently approved institutions), with opportunities for public comment, and submit these plans to Congress every five years.
Annual Reporting: Agencies must submit reports to congressional committees for five years detailing actions taken and any recommendations.
Funding Offset: Reduces the Federal Reserve's discretionary surplus fund by $24 million, effective September 1, 2036.

Significant Changes to Existing Law

Introduces new requirements for Federal agencies to actively support de novo institution formation, including process reviews and outreach programs.
Amends the Federal Reserve Act to reduce the specified dollar amount in the discretionary surplus fund provision.

Potential Impacts

On Government Agencies: Increases workload for Federal banking agencies and the National Credit Union Administration through reviews, caseworker assignments, mentorship coordination, and reporting.
On Citizens: May lead to greater availability of new banks and credit unions, particularly in rural areas or for community development and minority-focused institutions, improving access to financial services.
On International Relations: No direct effects identified.

Main Stakeholders Affected

Federal financial institutions regulatory agencies (including banking agencies and the National Credit Union Administration).
State banking and credit union regulators.
Applicants seeking to form new regulated institutions, including rural, community development financial institutions, and minority depository institutions.
Recently approved institutions that may serve as mentors.
The Federal Reserve (due to the surplus fund reduction).

Notable Legal, Constitutional, or Political Implications

Enhances Federal-state cooperation in banking oversight without altering core regulatory authorities.
Focuses on administrative reforms to existing application processes rather than creating new legal rights or restrictions.
The funding mechanism from the Federal Reserve surplus represents a targeted budgetary adjustment to support the bill's implementation.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Waters, Maxine [D-CA-43]

Recent Actions

2026-05-21: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2026-05-20: Motion to reconsider laid on the table Agreed to without objection.
2026-05-20: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 4 (Roll no. 178). (Roll call 178)
2026-05-20: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 4 (Roll no. 178). (Roll call 178)
2026-05-20: Considered as unfinished business. (consideration: CR H3645)
2026-05-19: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2026-05-19: DEBATE - The House proceeded with forty minutes of debate on H.R. 4544.
2026-05-19: Considered under suspension of the rules. (consideration: CR H3584-3586; text: CR H3584-3585)
2026-05-19: Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
2025-09-08: Placed on the Union Calendar, Calendar No. 210.
2025-09-08: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-253.
2025-09-08: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-253.
2025-07-23: Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 49 - 0.
2025-07-23: Committee Consideration and Mark-up Session Held
2025-07-22: Committee Consideration and Mark-up Session Held

Bill Versions

American Access to Banking Act — issued 2026-05-20 — PDF (10 pages)
American Access to Banking Act — issued 2025-07-17 — PDF (8 pages)
American Access to Banking Act — issued 2026-05-21 — PDF (9 pages)
American Access to Banking Act — issued 2025-09-08 — PDF (10 pages)