Summary of H.R. 6551 - New BANK Act of 2025

Overview

The New BANK Act of 2025 requires federal banking regulators to publish annual reports providing detailed information on various application processes related to the financial services industry. The main goals are to increase transparency and accountability around the chartering, licensing, and approval procedures used by regulators.

Key Provisions

1. Annual Reporting Requirements:

   • The Comptroller of the Currency must report on national bank and federal savings association charter applications.
   • The National Credit Union Administration must report on federal credit union charter applications.
   • The Federal Reserve Board must report on depository institution holding company applications.
   • The FDIC must report on federal deposit insurance applications.
   • The Federal Reserve, FDIC, and NCUA must jointly report on state depository institution and state credit union charter applications.

2. Reporting Content:

   • For each application type, the reports must include the number received, approved, denied, withdrawn, etc.
   • The mean and median times for application approval must be provided.
   • The reports must also outline common reasons for application denials or withdrawals.

Impact and Affected Parties

• This bill aims to improve transparency around the chartering and licensing processes used by federal and state financial regulators.
• It will provide more detailed public data on the volume and timeliness of various application types submitted by banks, credit unions, and other financial institutions.
• The reporting requirements may help identify potential bottlenecks or pain points in the application review procedures.
• Both regulators and applicants/institutions could potentially benefit from the enhanced visibility provided by the annual reports.

Overall, the New BANK Act seeks to bring more accountability and data-driven insights to the regulatory processes governing the formation and expansion of depository institutions in the U.S.