v2 introduces several clarifications and adjustments to the reporting requirements for various financial institution charter and insurance applications. Key changes include adding a 'to the extent practicable' clause for reporting common reasons for denial or withdrawal, clarifying that reports should cover equivalent procedures used by agencies, and significantly modifying the specific metrics required for Federal Credit Union charter applications.
New BANK Act of 2025
- Sponsor
- Rep. Loudermilk, Barry [R-GA-11]
- Committees
- Financial Services Committee (primary)
- Last action
- Feb 25, 2026
Bottom line
The bill increases transparency by requiring federal financial regulators to publicly report data on the application processes for new banks, credit unions, and other depository institutions.
What it actually does
This bill mandates that federal financial regulators (Comptroller of the Currency, National Credit Union Administration, Federal Reserve, and Federal Deposit Insurance Corporation) publish annual reports detailing the number, processing times, and common reasons for denial or withdrawal of various financial institution charter and insurance applications. It specifically covers national banks, federal savings associations, federal credit unions, depository institution holding companies, federal deposit insurance, and state-chartered depository institutions and credit unions.
Proponents argue
Supporters argue that this bill will enhance transparency and accountability within federal financial regulatory agencies by providing clear, consistent data on the new bank chartering process. They contend that this information is crucial for potential applicants, policymakers, and the public to understand the efficiency and potential bottlenecks in establishing new financial institutions, thereby fostering competition and innovation in the financial sector.
Opponents contend
Critics might argue that while transparency is generally positive, the administrative burden of compiling and publishing these detailed reports annually across multiple agencies, especially in consultation with state regulators, could divert resources from core regulatory functions without providing significantly actionable insights. They might also suggest that the data, while informative, may not fully capture the nuances of complex application processes, potentially leading to misinterpretations or unwarranted criticisms of regulatory diligence.
The bill is short and clearly written, making it highly accessible for a reader to understand its provisions and implications within a short timeframe.
Section 2
Annual Report on National Bank and Federal Savings Association Charter Applications
This section requires the Comptroller of the Currency (OCC) to publish an annual report. This report must include the total number of national bank and federal savings association charter applications received, approved (preliminary and final), denied, withdrawn, expired, mooted, or returned. It also mandates reporting the average and median times taken for both preliminary and final approvals, and, where possible, the common reasons for applications being denied, withdrawn, or having their preliminary approval expire.
Supporters argue
Supporters argue this provision will make the OCC's chartering process more transparent, allowing potential applicants to better understand the requirements, timelines, and common pitfalls, thereby streamlining future applications and encouraging new entrants.
Critics contend
No specific opposition is typically raised against this provision, as increased transparency in regulatory processes is generally viewed favorably. Potential concerns might revolve around the administrative resources required to compile the report.
Tradeoffs
The provision balances the public's right to information and the desire for a more efficient chartering process against the administrative costs and resource allocation within the OCC to produce such detailed annual reports.
Section 3
Annual Report on Federal Credit Union Charter Applications
This section directs the National Credit Union Administration (NCUA) to issue an annual report. The report must detail the number of federal credit union charter applications that were received, finally approved, denied, withdrawn, became inactive, or were returned for resubmission. Additionally, it requires the NCUA to report the mean and median times for final approval of these applications and, to the extent feasible, the common reasons behind application denial, withdrawal, inactivity, or being returned.
Section 4
Annual Report on Depository Institution Holding Company Applications
This section mandates that the Board of Governors of the Federal Reserve System (the Federal Reserve) publish an annual report. This report must include the number of applications received to become a top-tier depository institution holding company, along with how many were approved, denied, withdrawn, mooted, or returned. It also requires the report to specify the mean and median times taken to approve these applications and, where practicable, the common reasons leading to their denial or withdrawal.
Section 5
Annual Report on Federal Deposit Insurance Applications
This section requires the Federal Deposit Insurance Corporation (FDIC) to publish an annual report. The report must detail the number of applications for federal deposit insurance that were received, approved, denied, withdrawn, mooted, or returned. It also mandates the inclusion of the mean and median times taken to approve such applications and, to the extent feasible, the common reasons for their denial or withdrawal.
Section 6
Annual Report on State Depository Institution and State Credit Union Charter Applications
This section requires the Federal Reserve, FDIC, and NCUA Board to jointly publish an annual report, in consultation with state banking and credit union regulators. This report must include the number of state depository institution and state credit union charter applications received, approved, denied, withdrawn, or otherwise dispositioned by state regulators, with separate numbers for each state. It also mandates reporting the mean and median approval times for each state and, where practicable, the common reasons for denial or withdrawal of these applications. The section also defines key terms like 'State', 'State bank', 'State depository institution', and 'State savings association'.