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Bill117th CongressFiled Jul 21, 2021Finance and Financial Sector
H.R. 4590

Promoting New and Diverse Depository Institutions Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house (Jul 26, 2022)

Promoting New and Diverse Depository Institutions Act

This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

What just happenedJul 27, 2022

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Auchincloss, Jake [D-MA-4](D-MA)Sponsor
5 cosponsors3 D2 R
Read on Congress.gov
5cosponsors2committees16actions1related bills5subjects
  1. Jul 27, 2022IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Jul 26, 2022FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jul 26, 2022FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7150-7151)

  4. Jul 26, 2022Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7150-7151)

  5. Jul 26, 2022FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4590.

  6. Jul 26, 2022FloorH30000

    Considered under suspension of the rules. (consideration: CR H7150-7152)

  7. Jul 26, 2022FloorH30300

    Ms. Waters moved to suspend the rules and pass the bill, as amended.

  8. Jan 20, 2022CalendarsH12410

    Placed on the Union Calendar, Calendar No. 163.

  9. Jan 20, 2022CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.

    Financial Services Committee
  10. Jan 20, 2022Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.

    Financial Services Committee
  11. Jul 29, 2021Committee

    Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.

    Financial Services Committee
  12. Jul 29, 2021Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  13. Jul 28, 2021Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  14. Jul 21, 2021IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  15. Jul 21, 2021IntroReferralIntro-H

    Introduced in House

  16. Jul 21, 2021IntroReferral1000

    Introduced in House

Passed HouseJul 26, 202253

Promoting New and Diverse Depository Institutions Act

This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

Reported to HouseJan 20, 20227

Promoting New and Diverse Depository Institutions Act

This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

Introduced in HouseJul 21, 2021

Promoting New and Diverse Depository Institutions Act

This bill requires federal banking agencies to study the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

Promoting New and Diverse Depository Institutions Act — Informed