Vote Smart's Synopsis:

Vote to pass a bill that requires federal financial regulators to streamline the application process for the formation of depository institutions or credit unions.

Highlights:

• Requires federal financial regulators to review and streamline the application process for the formation of de novo, or new, depository institutions or credit unions (Sec. 2).

• Requires regulators to (Sec. 2):

• Review the application process;

• To the extent practicable, collect necessary information from other agencies in order to minimize requests for applicant information; and

• Review how de novo financial intuitions raise capital while maintaining investor protections, including the impact of restrictions on raising capital.

• Requires regulators, at the request of an applicant, to designate an employee as a caseworker to assist in the application process, and provide a list of similar institutions interested in serving as a mentor (Sec. 3).

• Requires each regulator to also develop a state and stakeholder engagement plan to assist interested parties with understanding the relevant regulatory processes (Sec. 5).

Full Bill Text

Full Bill Text