The "Promoting New and Diverse Depository Institutions Act" aims to support the establishment and growth of new and diverse depository institutions in the United States. The bill includes provisions to simplify the application process for new banks, enhance access to capital for minority-owned financial institutions, encourage innovation in banking services, and promote financial inclusion. It also seeks to address barriers that hinder the formation of community banks and credit unions. Overall, the bill intends to foster a more inclusive and competitive banking sector while expanding access to financial services for underserved communities.
2023-03-10: Introduced in House
2023-03-10: Referred to the House Committee on Financial Services.
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