Main Street Act

Bill Number: H.R. 6955
Origin Chamber: House
Congress: 119th Congress, Session 2
Policy Area: Finance and Financial Sector
Status: Introduced
Latest Action: 2026-04-20: Placed on the Union Calendar, Calendar No. 535.
Last Updated: 2026-07-09T17:46:35Z

AI-Generated Summary

Summary of H.R. 6955: Main Street Capital Access Act (Main Street Act)

Purpose

The legislation aims to update federal banking laws to support the formation and growth of new banks, particularly in rural and underserved areas; reduce regulatory burdens on smaller community banks and credit unions; improve fairness and transparency in bank supervision and examinations; enhance regulatory accountability; strengthen local funding sources for banks; promote competition through clearer merger rules; increase transparency in bank failure resolutions; and facilitate innovation via bank-fintech partnerships. Overall, it seeks to make banking more accessible for "Main Street" institutions while maintaining safety and soundness.

Key Provisions

The bill is organized into eight titles with targeted reforms:

Title I: New Bank Formation and Local Community Access
Phases in capital requirements over 3 years for new banks.
Allows easier business plan changes for new banks with 30-day agency review (deemed approved if no response).
Lowers leverage ratio for rural new banks (under $10B assets) to min(agency standard, 7.5%).
Permits federal savings associations to make agricultural loans.
Requires studies and annual reports on new bank applications, rural bank revitalization, and CDFI Fund transparency/effectiveness.
Extends CDFI bond guarantees to 2028 with adjustments.

Title II: Tailoring Bank Regulation
Mandates regulators to tailor rules based on bank risk profiles and business models.
Raises small bank holding company threshold to $6B assets.
Increases community bank leverage ratio (CBLR) eligibility to $15B assets; lowers range to 6-9%; reviews for simplification.
Adjusts/indexes dozens of regulatory thresholds upward (e.g., $250B to $370B for enhanced standards) based on GDP growth.

Title III: Fair and Transparent Bank Supervision
Reforms CAMELS ratings (supervisory tool assessing capital, assets, management, etc.) for clearer, objective criteria; limits "management" component.
Sets exam timelines: 270 days max for exams, 90 days for final reports, 30 days for exit interviews.
Creates Office of Independent Examination Review for appeals of "material supervisory determinations" (key exam findings).
Allows banks to elect court hearings for some enforcement actions.
Bans "reputational risk" (potential for bad publicity harming a bank) from supervision.
Eases exams for well-managed/capitalized banks under $6B (alternating limited-scope exams).

Title IV: Regulatory Accountability and Transparency
Changes FDIC board: requires small-bank experience; limits terms to 12 years total.
Requires "guidance clarity statements" clarifying agency guidance is non-binding.
Enhances regulatory review every 8 years, including cumulative impact assessments.
Mandates agency reports on global forum interactions (e.g., Basel Committee).

Title V: Strengthening Local Bank Funding
Requires Federal Reserve review/upgrade of "discount window" (emergency loans to banks).
Expands reciprocal deposit exceptions (brokered deposits swapped between banks) based on bank size/rating; requires study.
Exempts up to 20% of custodial deposits (held for third parties like plans) from brokered rules for small, healthy banks.

Title VI: Promoting Bank Competition and Merger Clarity
Exempts mergers resulting in <$10B assets from antitrust reviews.
Requires studies/Inspector General reviews of merger processes; GAO study on commitments.
Sets 120-day approval deadlines for mergers (deemed approved if missed); defines "complete record."

Title VII: Strengthening Transparency in Bank Resolutions
Allows "least cost" exceptions for resolutions avoiding big-bank dominance, with caps and assessments.
Studies shelf charters (pre-approved charters for quick resolutions) and bidder processes.
Tightens concentration limit waivers for failing banks: requires "clear and convincing evidence" of economic harm, no qualified bids from non-concentrated buyers; mandates reports.
Enhances GAO/agency reporting for systemic risk exceptions.

Title VIII: Facilitating Innovation and Bank Partnerships
Extends merchant banking hold period to 15 years minimum.
Requires studies on bank/credit union-fintech partnerships.

Significant Changes to Existing Law

Threshold Increases: Raises ~50 asset/liability thresholds (e.g., CBLR $10B→$15B; small holding cos. $3B→$6B; many others indexed to GDP).
Supervision Overhaul: Adds independent appeals office; bans reputational risk; mandates timelines/de novo review standards.
Merger Streamlining: 120-day shot clocks; antitrust exemptions for small deals; ignores third-party input on "complete" applications.
Resolution Tweaks: New least-cost exceptions; stricter waiver rules; excludes bad-faith bids.
Deposits: Broader exceptions for reciprocal/custodial deposits.
Repeals/modifies post-2008 rules (e.g., shortens credit union board meetings; clarifies guidance).

Potential Impacts

Government Agencies: Increases reporting/study burdens (e.g., annual application stats, global forums); mandates rulemakings/timelines; creates new office funded by agencies.
Citizens/Communities: Easier local bank access in rural/underserved areas; potentially more competition/innovation; reduced "debanking" via reputational risk ban.
Banking System: Lowers burdens on ~4,000 community banks/credit unions; encourages ~dozens more de novos yearly; faster mergers/resolutions may aid stability but risk concentration if waivers misused. Minimal international effects beyond global forum transparency.

Main Stakeholders Affected

Community/Rural Banks & Credit Unions: Primary beneficiaries via relief, tailored rules, funding access.
De Novo/New Banks: Eased formation, capital phase-ins.
Regulators (Fed, FDIC, OCC, NCUA): More accountability, timelines, reviews.
CDFIs/Fintechs: Enhanced funding/partnership studies.
Large Banks: Fewer small-merger barriers; potential resolution advantages limited.
Taxpayers: Potential Deposit Insurance Fund protections via assessments/waiver limits.

Notable Legal, Constitutional, or Political Implications

Legal: Strengthens due process (independent reviews, court elections for enforcement); clarifies guidance non-binding (aligns with Supreme Court rulings like Gundy); deems approvals on delays (limits agency discretion).
Constitutional: Enhances property-like protections for bank charters/applications; no direct challenges noted.
Political: Pro-small bank deregulation; promotes competition vs. concentration; requires congressional oversight of waivers/systemic calls (transparency focus). Neutral on partisan divides, emphasizes safety/soundness.

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

Sponsor

Rep. Hill, J. French [R-AR-2]

Cosponsors (33)

Rep. Barr, Andy [R-KY-6], Rep. Huizenga, Bill [R-MI-4], Rep. Lucas, Frank D. [R-OK-3], Rep. Sessions, Pete [R-TX-17], Rep. Wagner, Ann [R-MO-2], Rep. Williams, Roger [R-TX-25], Rep. Emmer, Tom [R-MN-6], Rep. Loudermilk, Barry [R-GA-11], Rep. Davidson, Warren [R-OH-8], Rep. Rose, John W. [R-TN-6], Rep. Steil, Bryan [R-WI-1], Rep. Timmons, William R. [R-SC-4], Rep. Stutzman, Marlin A. [R-IN-3], Rep. Norman, Ralph [R-SC-5], Rep. Meuser, Daniel [R-PA-9], Rep. Kim, Young [R-CA-40], Rep. Donalds, Byron [R-FL-19], Rep. Garbarino, Andrew R. [R-NY-2], Rep. Fitzgerald, Scott [R-WI-5], Rep. Flood, Mike [R-NE-1], Rep. Lawler, Michael [R-NY-17], Rep. De La Cruz, Monica [R-TX-15], Rep. Ogles, Andrew [R-TN-5], Rep. Nunn, Zachary [R-IA-3], Rep. McClain, Lisa C. [R-MI-9], Rep. Salazar, Maria Elvira [R-FL-27], Rep. Downing, Troy [R-MT-2], Rep. Haridopolos, Mike [R-FL-8], Rep. Moore, Tim [R-NC-14], Rep. Kennedy, Mike [R-UT-3], Rep. Knott, Brad [R-NC-13], Rep. Calvert, Ken [R-CA-41], Rep. Fedorchak, Julie [R-ND-At Large]

Recent Actions

2026-04-20: Placed on the Union Calendar, Calendar No. 535.
2026-04-20: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-617.
2026-04-20: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-617.
2026-03-04: Ordered to be Reported by the Yeas and Nays: 26 - 16.
2026-03-04: Committee Consideration and Mark-up Session Held
2026-01-07: Referred to the House Committee on Financial Services.
2026-01-07: Introduced in House
2026-01-07: Introduced in House

Bill Versions

Main Street Capital Access Act — issued 2026-01-07 — PDF (153 pages)
Main Street Capital Access Act — issued 2026-04-20 — PDF (182 pages)