Bill would require yearly public reports on new bank applications
Placed on the calendarH.R. 6551Latest action
Sponsor: Barry Loudermilk · Representative · GA
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Official title: New BANK Act of 2025
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 6551 would require banking regulators to publicly report yearly on how they handle new bank and credit union applications.
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What does this do?
HR 6551, the "New BANK Act of 2025," requires federal banking regulators to publish annual public reports tracking applications for new banks, credit unions, and related institutions, including how many were received, approved, denied, withdrawn, or expired, processing times, and common reasons for rejection. It also requires a joint state-by-state report from the Federal Reserve, FDIC, and National Credit Union Administration, done with state regulators, covering state-chartered banks and credit unions.
Who does it affect?
The bill affects the Comptroller of the Currency, National Credit Union Administration, Federal Reserve, and FDIC, as well as people or companies seeking to start new banks or credit unions.
Why does it matter?
The added transparency would let lawmakers, researchers, and industry groups compare regulators' and states' processing speed and success rates, but the bill does not change any approval rules or standards.
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Where does it stand?
- IntroducedDec 10, 2025
- House committee
- House voteYou are here · Feb 25, 2026
- Senate
- The president's desk
Right now: it was placed on the , and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Placed on the Union Calendar, Calendar No. 455.