Rep. Barr reintroduces ABA-backed bill to encourage de novo bank formation

To help expand access to banking services and promote financial inclusion, Rep. Andy Barr (R-Ky.) last week introduced H.R. 758, which would establish a three-year phase-in period for new banks to comply with federal capital standards and provide relief for de novos in rural communities, among other provisions designed to promote de novo formation. Barr introduced a similar bill in the last two Congresses. The American Bankers Association has strongly supported this legislation whenever it has been introduced.