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House Bill Aims to Encourage More De Novo Banks

“Rep. Andy Barr, R-Ky., has introduced legislation aimed at making it easier for new community banks to open in areas that are underserved by the banking system. The Promoting Access to Capital in Underbanked Communities Act would encourage the formation of new banks in locations where bank branches are scarce. It would give de novo banks more time to meet capital requirements and would ease other regulatory burdens on new community financial institutions.”