American Access to Banking Act

This bill requires the government agencies that oversee banks and credit unions to review and simplify the process for starting a new bank or credit union. These agencies must look for ways to reduce the paperwork applicants have to fill out, partly by sharing information between agencies instead of asking applicants for the same things multiple times. They also have to study how new banks and credit unions raise money to get started. If someone is applying to open a new bank or credit union, they can ask for a dedicated helper to guide them through the process and get a list of existing institutions willing to serve as mentors. Each agency must also create a plan to help states and other interested parties understand how the process works.

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