S. 113, titled the “Promoting New Bank Formation Act of 2025,” aims to support the establishment of new financial institutions, especially in rural areas. It mandates federal banking agencies to create a three-year timeline for new banks to meet federal capital standards. The...
Simple Explanation
The "Promoting New Bank Formation Act of 2025" is a plan to make it easier to start new banks, especially in the countryside, by giving them three years to save up enough money and letting them change their plans more easily.