Promoting Access to Capital in Underbanked Communities Act

This bill helps rural community banks in underserved areas by easing their capital requirements. It creates a 3-year phase-in period for banks to meet federal capital standards and sets a lower 8% leverage ratio for qualifying rural banks (with under $10 billion in assets) during this transition. The bill also expands agricultural lending authority for certain savings associations and requires a study on boosting new bank formation in underserved areas. These changes directly affect rural community banks and aim to improve financial access in communities impacted by bank closures.