Legislation Search

H.R. 6955: Main Street Act

The "Main Street Act" focuses on reforming banking laws at the federal level to support the establishment of new banks, adjust regulations based on the risk profiles of financial institutions, and improve oversight for better transparency. The bill aims to facilitate the growth of community banks and to ensure that regulatory measures align more closely with the unique needs and risks faced by these institutions.

Key Provisions

The bill introduces a definition for "qualifying community bank," which will help clarify which institutions can benefit from certain regulatory modifications.
It proposes adjustments to regulatory thresholds to maintain consistency in bank supervision, particularly in the context of CAMELS ratings, a system used to rate banks' overall health.
Financial regulations will be amended to revise the roles and responsibilities of the Bureau of Consumer Financial Protection and to enhance the structure of examinations conducted on financial institutions. This aims to ensure that these processes are equitable and transparent.

Regulatory Agency Modifications

The bill suggests changes to refer to "Federal financial institutions regulatory agencies" instead of "appropriate Federal banking agencies." It emphasizes the need for these agencies to conduct more frequent internal reviews to evaluate the impact of regulations on financial access.

Moreover, it mandates annual reporting concerning international regulatory relationships to improve the regulatory framework comprehensively.

Mergers and Acquisitions

Proposed mergers resulting in financial institutions that possess less than $10 billion in assets will be exempt from assessments regarding monopoly risks or potential reductions in competition. This provision is aimed at easing the merger process for smaller banks.

Additionally, the bill includes clauses for annual adjustments to these thresholds based on GDP growth, along with requirements for studies on current merger review processes and the partnerships between banks and financial technology (Fintech) firms.

Focus on Rural Banks

The legislation also emphasizes revitalizing rural depositories, ensuring that these banks have adequate support and can thrive within their communities, contributing to local economic growth.

Conclusion

Overall, the "Main Street Act" encompasses a range of amendments and provisions intended to enhance the banking landscape, particularly for community banks and rural financial institutions, while streamlining regulation processes and improving efficiency across federal agencies.

Relevant Companies

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This is an AI-generated summary of the bill text. There may be mistakes.

Actions

4 actions

Date	Action
Mar. 04, 2026	Committee Consideration and Mark-up Session Held
Mar. 04, 2026	Ordered to be Reported by the Yeas and Nays: 26 - 16.
Jan. 07, 2026	Introduced in House
Jan. 07, 2026	Referred to the House Committee on Financial Services.

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