New BANK Act of 2025

Bill Number

H.R. 6551

Origin Chamber

House

Congress

119th Congress, Session 1

Policy Area

Finance and Financial Sector

Status

Introduced

Latest Action

2026-02-25: Placed on the Union Calendar, Calendar No. 455.

Last Updated

2026-06-11T23:26:43Z

AI-Generated Summary

Purpose

The New Bank Application Numbers Knowledge Act of 2025 (H.R. 6551), also known as the New BANK Act of 2025, aims to increase transparency in the federal and state processes for approving new banks, credit unions, and related financial entities. It requires federal regulatory agencies to publish annual reports detailing the number, status, processing times, and reasons for outcomes of various charter and insurance applications.

Key Provisions

• National Bank and Federal Savings Association Charters (Section 2): The Comptroller of the Currency (OCC) must publish an annual report on applications for national banks (federally chartered commercial banks) and federal savings associations (federally chartered thrift institutions). The report includes:
• Counts of applications received, preliminarily approved, finally approved, denied, withdrawn, expired, mooted (no longer relevant), or returned.
• Average (mean) and middle (median) times for preliminary and final approvals.
• Common reasons for denials, withdrawals, or expirations of preliminary approvals, where feasible.

• Federal Credit Union Charters (Section 3): The National Credit Union Administration (NCUA) must publish an annual report on federal credit union charter applications, covering:
• Counts of applications received, finally approved, denied, withdrawn, inactive, or returned for resubmission.
• Mean and median times for final approvals.
• Common reasons for denials, withdrawals, inactivity, or returns, where feasible.

• Depository Institution Holding Company Applications (Section 4): The Federal Reserve Board must publish an annual report on applications to form top-tier holding companies (parent companies that own banks or thrifts), including:
• Counts of applications received, approved, denied, withdrawn, mooted, or returned.
• Mean and median approval times.
• Common reasons for denials or withdrawals, where feasible.

• Federal Deposit Insurance Applications (Section 5): The Federal Deposit Insurance Corporation (FDIC) must publish an annual report on applications for federal deposit insurance (protection for customer deposits up to a certain limit), covering:
• Counts of applications received, approved, denied, withdrawn, mooted, or returned.
• Mean and median approval times.
• Common reasons for denials or withdrawals, where feasible.

• State Depository Institution and Credit Union Charters (Section 6): The Federal Reserve, FDIC, and NCUA must jointly publish an annual report, in consultation with state regulators, on state-chartered banks, savings associations, and credit unions (institutions regulated primarily by states but often seeking federal insurance). The report includes:
• Counts of applications received, approved, denied, withdrawn, or otherwise resolved, broken down by state (including U.S. territories and the District of Columbia).
• Mean and median approval times, shown separately for each state.
• Common reasons for denials or withdrawals, where feasible.
• Definitions clarify terms like "state bank" (state-chartered commercial banks or similar), "state savings association" (state-chartered thrifts), and "state credit union."

Reports must cover the agencies' standard procedures or equivalents, ensuring consistency.

Significant Changes to Existing Law

This bill introduces mandatory annual public reporting requirements for these agencies, which were not previously required by federal law. It standardizes disclosure of application volumes, timelines, and outcomes, promoting data-driven oversight without altering the underlying approval processes for charters or insurance.

Potential Impacts

• On Government Agencies: Federal regulators (OCC, NCUA, Federal Reserve, FDIC) and state banking/credit union regulators will need to compile and publish data annually, potentially increasing administrative workload but improving internal tracking of application efficiency.
• On Citizens and Businesses: Aspiring bank or credit union founders gain better visibility into approval trends, success rates, and common pitfalls, which could encourage more applications or better preparation. The public benefits from greater transparency in financial system expansion.
• On International Relations: Minimal direct impact, as the bill focuses on domestic U.S. banking; however, it may indirectly affect foreign entities seeking U.S. charters by clarifying federal processes.

Main Stakeholders Affected

• Federal Regulators: OCC, NCUA, Federal Reserve, and FDIC, who must produce the reports.
• State Regulators: State banking and credit union supervisors, consulted for the joint state report.
• Applicants and Financial Institutions: Potential new banks, thrifts, credit unions, and holding companies, who can use the data to navigate applications.
• Congress and the Public: Lawmakers for oversight of financial regulation; citizens and advocacy groups for monitoring economic access to banking services.
• Industry Groups: Banking associations and fintech firms interested in de novo (new) institution formation.

Notable Legal, Constitutional, or Political Implications

• Legal: Enhances accountability under existing banking laws (e.g., Federal Reserve Act, Federal Deposit Insurance Act) by mandating transparency without imposing new substantive criteria for approvals. Reports must be "practicable," allowing flexibility to avoid undue burdens.
• Constitutional: No apparent conflicts; it aligns with Congress's authority to regulate commerce and banking (Article I, Section 8) and promotes informed governance without infringing on executive agency functions.
• Political: Could foster bipartisan support for financial innovation by addressing concerns over opaque regulatory hurdles, potentially influencing debates on economic growth and access to credit in underserved areas. It may highlight disparities in state-level processing, prompting further federal-state coordination.

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

Sponsor

Rep. Loudermilk, Barry [R-GA-11]

Cosponsors (2)

Rep. Gottheimer, Josh [D-NJ-5], Rep. Lawler, Michael [R-NY-17]

Recent Actions

• 2026-02-25: Placed on the Union Calendar, Calendar No. 455.
• 2026-02-25: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-530.
• 2026-02-25: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-530.
• 2025-12-17: Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 0.
• 2025-12-17: Committee Consideration and Mark-up Session Held
• 2025-12-16: Committee Consideration and Mark-up Session Held
• 2025-12-10: Referred to the House Committee on Financial Services.
• 2025-12-10: Introduced in House
• 2025-12-10: Introduced in House

Bill Versions

• New Bank Application Numbers Knowledge Act of 2025 — issued 2025-12-10 — PDF (5 pages)
• New Bank Application Numbers Knowledge Act of 2025 — issued 2026-02-25 — PDF (8 pages)