This bill seeks to modernize U.S. banking laws by streamlining new bank formation, increasing transparency for Community Development Financial Institutions (CDFIs), and tailoring regulations for smaller, lower-risk institutions. It requires agencies to review and update major regulations every eight years, eliminate outdated or overly burdensome rules, and expand public reporting on regulatory impacts. It also reforms bank supervision by establishing timeliness standards and giving banks more opportunity to appeal supervisory decisions. It clarifies merger rules to promote competition, limits the use of reputational risk in supervision, and encourages partnerships between banks and fintech firms.
