,,ib ,union ,calendar ,no4 #fdi #aahth ,,congress #b;d ,session ,h4 ,r4 #geh ,report ,no4 #aah-ghf ,,in ,,the ,,house ,,of ,,representatives ,february #b1 #bjbc,mr4 ,barr introduced the following bill2 which was referred to the ,committee on ,financial ,services ,december #c1 #bjbd;,additional sponsors3 ,mr4 ,sessions1 ,mr4 ,loudermilk1 ,mr4 ,donalds1 ,mr4 ,luetkemeyer1 ,mrs4 ,kim of ,california1 ,mr4 ,fitzpatrick1 ,mr4 ,kustoff1 ,mr4 ,guest1 ,mr4 ,timmons1 ,mr4 ,valadao1 ,mr4 ,rose1 ,mr4 ,williams of ,texas1 ,mr4 ,reschenthaler1 ,mr4 ,ezell1 ,mr4 ,posey1 ,ms4 ,de ,la ,cruz1 and ,mrs4 ,houchin ,december #c1 #bjbd,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,february #b1 #bjbc ,a ,,bill ,to require the appropriate ,federal banking agencies to establish a #c-year phase-in period for de novo financial institutions to comply with ,federal capital standards1 to provide relief for de novo rural community banks1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,promoting ,access to ,capital in ,underbanked ,communities ,act of #bjbc4 #b4 ,phase-in of capital standards ,the ,federal banking agencies shall issue rules that provide for a #c-year phase-in period for a depository institution or depository institution holding company to meet any ,federal capital requirements that would otherwise be applicable to the depository institution or depository institution holding company1 beginning on-- 7#a7 the date on which the depository institution became an insured depository institution2 or 7#b7 in the case of a depository institution holding company1 the date on which the depository institution subsidiary of the depository institution holding company became an insured depository institution4 #c4 ,changes to business plans 7a7 ,in general ,during the #c-year period beginning on the date on which a depository institution became an insured depository institution1 the insured depository institution or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate ,federal banking agency by submitting a request to such agency pursuant to this section4 7b7 ,review of changes ,an appropriate ,federal banking agency shall1 not later than the end of the #cj-;day period beginning on the receipt of a request under subsection 7a7-- 7#a7 approve1 conditionally approve1 or deny such request2 and 7#b7 notify the applicant of such decision and1 if the agency denies the request-- 7,a7 provide the applicant with the reason for such denial2 and 7,b7 suggest changes to the request that1 if adopted1 would allow the agency to approve such request4 7c7 ,result of failure to act ,if an appropriate ,federal banking agency fails to approve or deny a request within the #cj-;day period required under subsection 7b71 such request shall be deemed to be approved4 #d4 ,rural community depository institution leverage ratio 7a7 ,in general ,during the #c-year period beginning on the date on which a rural depository institution became an insured depository institution1 the ,community ,bank ,leverage ,ratio for the rural community bank shall be #h percent4 7b7 ,phase-,in authority ,the ,federal banking agencies shall issue rules to phase-in the ,community ,bank ,leverage ,ratio described under subsection 7a7 with respect to a rural depository institution by setting lower ,community ,bank ,leverage ,ratio percentages during the first #b years of the #c-year period described under subsection 7a74 7c7 ,definitions ,in this section3 7#a7 ,community ,bank ,leverage ,ratio ,the term ,community ,bank ,leverage ,ratio has the meaning given that term under section #bja7;a7 of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecga note74 7#b7 ,rural depository institution ,the term rural depository institution means a depository institution-- 7,a7 with total consolidated assets of less than #aj1jjj1jjj1jjj2 and 7,b7 located in a rural area1 as defined under section #ajbf4ce7;b77iv77,a7 of title #ab1 ,code of ,federal ,regulations4 #e4 ,agricultural loan authority for ,federal savings associations ,section #e7;c7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfd7;c77 is amended-- 7#a7 in paragraph 7#a71 by adding at the end the following3 7,v7 ,agricultural loans ,secured or unsecured loans for agricultural purposes4 2 and 7#b7 in paragraph 7#b77;,a71 by striking business1 or agricultural and inserting or business4 #f4 ,study on de novo insured depository institutions 7a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study on-- 7#a7 the principal causes for the low number of de novo insured depository institutions in the #aj-year period ending on the date of enactment of this ,act2 and 7#b7 ways to promote more de novo insured depository institutions in areas currently underserved by insured depository institutions4 7b7 ,report to ,congress ,not later than the end of the #a-year period beginning on the date of enactment of this ,act1 the ,federal banking agencies shall1 jointly1 issue a report to ,congress containing all findings and determinations made in carrying out the study required under subsection 7a74 #g4 ,definitions ,in this ,act1 the terms appropriate ,federal banking agency1 depository institution1 depository institution holding company1 ,federal banking agency1 and insured depository institution have the meaning given those terms1 respectively1 under section #c of the ,federal ,deposit ,insurance ,act4 ,december #c1 #bjbd,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed