American Access to Banking Act

What this does

This bill orders the Federal financial institutions regulatory agencies to make it easier to form a new bank or credit union. The agencies must review and streamline their de novo application forms, pull applicant information from other government sources instead of re-requesting it, and study with the SEC how new institutions raise capital. At an applicant's request, each agency must assign a caseworker as the applicant's point of contact and provide a list of recently approved institutions willing to serve as mentors. Each agency must build a plan to consult state regulators and stakeholders and run workshops, then report to Congress. Separately, the bill cuts the Federal Reserve's Discretionary Surplus Fund by $24,000,000, effective September 1, 2036.