Financial Services Committee Passes Several ABA-Backed Bills

By a voice vote on Thursday, the House Financial Services Committee passed H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.). The bill—which ABA expressed support for earlier in the week—would require regulators to conduct a study about the challenges faced by proposed depository institutions seeking de novo bank charters.

The committee also advanced by voice vote H.R. 4616, the ABA-supported Adjustable Interest Rate (Libor) Act of 2021. Introduced by Rep. Brad Sherman (D-Calif.), the bill addresses “tough legacy” contracts that currently reference Libor but lack adequate fallback language and can’t be amended to add it.