119th (2025–2027)
H.R. 6551
The New BANK Act of 2025 requires federal banking regulators to publish annual reports detailing statistics about new bank applications and approvals. The bill mandates that the Comptroller of the Currency, Federal Reserve, FDIC, and National Credit Union Administration each produce yearly reports showing how many charter applications they received, approved, denied, or withdrew, along with average processing times and common reasons for rejections. The legislation also requires these agencies to work with state regulators to compile similar data on state-chartered banks and credit unions, with results broken down by individual states. The bill affects anyone seeking to start a new bank, credit union, or banking holding company by creating greater transparency in the application process. No specific funding is allocated in the bill, and the agencies would begin publishing these annual reports after the law takes effect.