House Panel Approves Bill to Require Regulators to Focus on Charter Simplification

The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for