Congressman Norman Introduces the Rural Depositories Revitalization Study Act

WASHINGTON - Congressman Ralph Norman (R-SC) introduced H.R. 6536, the Rural Depositories Revitalization Study Act, legislation directing federal banking regulators to identify concrete solutions to strengthen rural banks, protect small-town depositors, and keep local credit flowing.

Across the country, rural depository institutions are facing growing pressures - from consolidation in the banking sector to burdensome regulations and rising compliance costs. As these pressures mount, smaller banks serving rural communities are finding it harder to compete and to keep essential credit within reach for local families and employers.

"When a community loses its local bank, it loses far more than a storefront. It loses a lifeline," said Congressman Norman. "Whether it's a family trying to secure a mortgage, a farmer needing seasonal credit, or a small business dealing with tight margins, rural banks keep these communities moving."

This legislation directs the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency to examine ways to improve the growth, capital adequacy, and profitability of rural depository institutions, as well as identify laws and regulations that limit de novo banking activity.

"As the representative of a district filled with proud, hardworking rural communities, I'm committed to ensuring federal regulators take this threat seriously," Norman continued. "Rural America deserves a strong, stable banking system - not one governed by one-size-fits-all rules built for Wall Street."

Read the bill text HERE.