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H.R. 6551119th CongressPlaced on the calendarLatest action Feb 25, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
HR 6551 would require banking regulators to publicly report yearly on how they handle new bank and credit union applications.
45-second read · 4 questions answered below
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for new banks, credit unions, and related institutions, including how many were received, approved, denied, withdrawn, or expired, processing times, and common reasons for rejection.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.
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.
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.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it was placed on the House floor calendar, 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.