US HB4544

Federal banking and credit union regulatory agencies must review and streamline application forms for new (de novo) banks and credit unions, and gather applicant information from existing federal sources where possible

Agencies must consult with the SEC to review how new institutions raise capital, including restrictions affecting non-accredited investors, and submit annual reports to Congress for 5 years

Applicants may request a designated agency caseworker to serve as primary point of contact and provide tutorials on the application process

Agencies must maintain lists of recently approved institutions willing to mentor new applicants through the de novo application process

Agencies must develop engagement plans for consulting with state regulators and stakeholders, provide guidance and training workshops, and submit updated plans to Congress every 5 years with public comment periods