H.R. 6551: New Bank Application Numbers Knowledge Act of 2025

The New Bank Application Numbers Knowledge Act of 2025 proposes to enhance transparency and reporting requirements regarding various banking and credit union applications. The key points of the bill are as follows:

Annual Reports Required

The bill mandates several federal agencies to publish annual reports that provide detailed statistics on different types of financial institution applications. These reports aim to include key metrics related to the applications for banking charters and other associated processes. The specific agencies tasked with these responsibilities are:

• Comptroller of the Currency:
  • National bank and Federal savings association charter applications
• National Credit Union Administration Board:
  • Federal credit union charter applications
• Board of Governors of the Federal Reserve System:
  • Depository institution holding company applications
• Federal Deposit Insurance Corporation:
  • Federal deposit insurance applications

Details to be Included in Reports

Each annual report must include the following information:

• The number of applications received, approved (both preliminary and final), denied, withdrawn, expired, mooted, or returned.
• The mean and median times taken for preliminary and final approvals.
• Common reasons leading to the denial, withdrawal, or expiration of applications.

State Applications Reporting

The bill also requires a separate report on applications for State depository institution and State credit union charters. This report is to be published by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board, in consultation with State regulators. It will include:

• The number of applications processed by State regulators, with detailed statistics for each State.
• The mean and median times for approvals by State regulators.
• Common reasons for denial or withdrawal of applications.

Definitions

The bill provides definitions for specific terms used within its context, clarifying what constitutes a 'State', 'State bank', 'State depository institution', and 'State savings association'. This clarity aims to ensure comprehensive understanding and compliance with the reporting requirements.

Purpose of the Bill

Overall, the intent behind this legislation is to create a structured and publicly accessible framework for understanding the dynamics related to bank and credit union applications. This could improve awareness of the application process and foster more informed discussions about banking regulations and practices.

Relevant Companies

• None found