The bill H.R. 478 aims to ease the regulatory requirements for new financial institutions in the U.S. by allowing a 3-year period for them to meet federal capital standards. It provides specific relief for rural community banks by setting phased requirements on the Community...
Simple Explanation
The bill wants to give new banks three years to save up enough money to follow the rules, especially those in small towns. It also talks about helping farmers get loans and checking why not enough new banks are opening in places that need them.