Rural Depositories Revitalization Study Act
- Bill Number
- S. 4517
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-05-13: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-06-02T14:26:57Z
AI-Generated Summary
Rural Depositories Revitalization Study Act (S. 4517)
Purpose of the Legislation
This bill directs certain federal agencies to conduct studies on ways to strengthen banks and credit unions that mainly serve rural areas. It focuses on identifying practical improvements and any existing federal rules that might hinder those efforts or the creation of new institutions in rural regions.
Key Provisions Outlined
- Definitions: The bill defines key terms, including "depository institution" (referring to banks and similar entities insured by the Federal Deposit Insurance Corporation), "Federal banking agencies" (the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation), and "rural" (using a specific definition from federal regulations).
- Study by Federal Banking Agencies: These agencies must jointly examine methods to boost the growth, financial stability, and earnings of rural-serving depository institutions. They must also review federal laws or agency rules that restrict such improvements or the opening of new banks in rural areas.
- Report Requirement: The agencies must deliver a combined report to Congress within one year of the bill becoming law, detailing their findings.
- Study by National Credit Union Administration: This agency must perform a similar review for rural-serving credit unions, identifying supportive methods and any limiting federal laws or rules.
- Report Requirement: The National Credit Union Administration must submit its own report to Congress within one year.
Significant Changes to Existing Law Introduced
This legislation does not amend or repeal any current statutes. It instead creates new requirements for agencies to perform targeted studies and report results to Congress.
Potential Impacts
- On Government Agencies: The Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration would need to allocate staff time and resources to complete the studies and prepare reports within the one-year deadline.
- On Citizens and Rural Communities: The studies could inform future policy ideas that support better access to banking and credit union services in rural areas, though no direct changes occur immediately.
- On International Relations: No direct effects are specified in the bill.
Main Stakeholders Affected
- Rural communities and residents who rely on local banks and credit unions.
- Depository institutions and credit unions operating primarily in rural areas.
- The federal banking agencies and the National Credit Union Administration, which must conduct the required work.
Notable Legal, Constitutional, or Political Implications
The bill raises no apparent constitutional concerns, as it involves standard congressional authority over federal agencies. Politically, it represents a bipartisan effort (introduced by Senators from different parties) to gather data on rural financial services without imposing immediate regulatory changes.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Sen. Warnock, Raphael G. [D-GA]
Recent Actions
- 2026-05-13: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-05-13: Introduced in Senate
Bill Versions
- Rural Depositories Revitalization Study Act — issued 2026-05-13 — PDF (4 pages)