Promoting Access to Capital in Underbanked Communities Act of 2023

HR 758 aims to improve financial access in communities affected by bank branch closures, primarily targeting rural and underserved urban areas. It establishes a 3-year phase-in period for new financial institutions to meet federal capital requirements and reduces the leverage ratio for qualifying rural community banks (under $10 billion in assets) to 8% during this period. The bill also allows banks to request temporary deviations from approved business plans and expands agricultural loan authority for savings associations. Additionally, it mandates a federal study on barriers to new bank formation in underserved areas, with a report due to Congress within one year. The law directly affects community banks, their regulators, and residents in counties identified as "deeply affected" by branch closures.