Press Releases

WASHINGTON — This week, the U.S. House of Representatives passed Congressman Ralph Norman’s (R-SC) bill, H.R. 6536, which supports rural financial institutions while improving access to credit in communities across America.

The legislation advanced as part of the House Financial Services Committee’s broader Housing for the 21st Century Act, a comprehensive housing package focused on expanding housing supply, modernizing federal housing programs, and strengthening community-based lending to improve housing affordability.

The Rural Depositories Revitalization Study Act directs federal banking regulators to study ways to strengthen rural banks and credit unions, and ensure families, farmers, and small businesses in rural communities continue to have reliable access to credit.

“I am proud to see Congress take action to protect rural communities across our nation,” said Congressman Norman. “Community banks are the backbone of rural America, supporting small businesses, family farms, and hardworking families every single day. My bill helps ensure these local institutions have the tools they need to keep serving their communities and supporting economic growth.”

This legislation directs the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the National Credit Union Administration to examine ways to improve the growth, capital adequacy, and profitability of rural depository institutions and credit unions, as well as identify regulatory barriers to these goals.

The bill now heads to the U.S. Senate for consideration.

Read the bill HERE.