Banking and Finance Law Daily Wrap Up, CAPITAL AND BASEL ACCORDS—Main Street Capital Access Act clears House Rules Committee, (Jul 21, 2026)

By Patricia K. Ruiz, J.D.

Banking, credit union, and fintech groups backed the sweeping regulatory reform bill as House floor consideration nears.

The Main Street Capital Access Act has cleared the House Rules Committee in an 8-4 vote, positioning the broad financial regulatory reform measure for possible consideration by the full House this week. The legislation, H.R. 6955, would make a series of changes to federal banking laws affecting de novo bank formation, regulatory tailoring, supervisory practices, merger reviews, and bank-fintech partnerships. The bill has drawn support from banking, credit union, fintech and taxpayer advocacy organizations, which argue that its provisions would improve regulatory transparency, accountability and access to capital.

Main Street Capital Access Act. Known as the Main Street Capital Access Act, or the Main Street Act, H.R. 6955 would establish a wide-ranging package of amendments to federal banking law (see Banking and Finance Law Daily, Jan. 8, 2026). The reported version of the bill includes eight titles addressing new bank formation, tailoring bank regulation, fair and transparent supervision, regulatory accountability, local bank funding, bank merger reviews, bank resolutions, and bank-fintech partnerships.

Among its provisions, the legislation would require federal banking agencies to provide a three-year phase-in period for newly formed depository institutions and holding companies to meet applicable federal capital requirements. The bill also would direct regulators to take institutions’ risk profiles and business models into account when issuing regulations and supervisory determinations.

Community bank measures. The measure contains provisions intended to support community banks, including the capital phase-in framework for de novo institutions and a requirement that agencies act on bank merger and acquisition applications within 90 days. The legislation also would require regulators to consider an institution’s risk characteristics when developing new regulations or making supervisory decisions.

Credit union industry support. Industry groups issued statements and letters supporting the bill as it moved toward House floor consideration. The Defense Credit Union Council said in a letter that the legislation contains reforms aimed at improving regulatory tailoring, examination fairness, supervisory transparency and agency accountability. DCUC noted that several provisions expressly apply to the National Credit Union Administration and would affect credit unions as well as banks.

DCUC highlighted provisions that would require regulators to consider institutional risk profiles and business models, establish clearer standards for CAMELS ratings, improve examination timelines, expand opportunities for review of supervisory determinations and clarify that regulatory guidance does not carry the force of law. The organization also pointed to Section 303, which would permit certain qualifying institutions with less than $6 billion in assets to receive alternating limited-scope examinations and combine certain safety-and-soundness, information-technology, cybersecurity and consumer-compliance examinations.

In its letter, DCUC described H.R. 6955 as a “meaningful step forward” and said the bill would help community financial institutions operate under a more risk-based and transparent regulatory framework. The group also urged Congress to pursue a follow-up legislative package focused on credit unions after consideration of the Main Street Capital Access Act, arguing that federally insured credit unions serve nearly 146 million Americans and warrant additional statutory reforms tailored to the cooperative financial institution model.

Fintech industry backing. In a letter supporting the bill, the American Fintech Council said H.R. 6955 would advance risk-based regulation, supervisory clarity and regulatory transparency. AFC specifically endorsed provisions derived from the TAILOR Act, FAIR Exams Act, SMART Act, FIRM Act, and Bank-Fintech Partnership Enhancement Act, stating that the legislation would promote proportionate supervision, clearer examination standards and modernization of oversight for innovative financial services partnerships.

AFC said community banks and responsible partnerships with fintech companies play an important role in expanding access to credit, delivering digital-first financial services and helping regulated institutions remain competitive in a rapidly evolving marketplace. The organization said the legislation would empower community banks to focus on serving families, small businesses, and local economies while promoting new bank formation and affordability for consumers.

AFC also said the measure’s requirement for an interagency study of bank-fintech partnerships would help inform future policymaking and establish clearer expectations for banks and technology firms operating in partnership arrangements. The organization characterized the bill as advancing durable transparency within the federal banking framework and supporting responsible innovation in financial services.

Banking industry support. Banking groups rallied behind the measure ahead of anticipated House floor consideration. The American Bankers Association and 52 state bankers associations urged House leaders to support H.R. 6955, describing it as a package containing long-sought reforms to spur new bank formation, tailor regulation, index key asset thresholds, improve supervisory transparency, encourage healthy merger activity and strengthen community development financial institutions.

The associations said community banks operate under a regulatory framework that often fails to account for their size, risk profile, and business model. They argued the legislation would facilitate the formation of new banks in urban and rural communities, expand banking access for consumers and small businesses, and allow community banks to devote more resources to serving customers.

The banking groups also emphasized provisions requiring regulators to align supervisory requirements with institutions’ capital structures, complexity, activities and risk characteristics. They highlighted indexing key regulatory thresholds to inflation and economic growth as a means of ensuring regulatory tailoring remains meaningful over time.

The Bank Policy Institute likewise endorsed the legislation, stating that it would build upon the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 by further tailoring capital, liquidity and risk-management requirements to an institution’s size and complexity while updating regulatory asset thresholds.

BPI also highlighted provisions intended to increase transparency and accountability in supervision, including reforms to the Matters Requiring Attention and Matters Requiring Immediate Attention processes, changes to the CAMELS rating system and a prohibition on the use of reputational risk by bank examiners. The organization further cited updates to bank merger review standards intended to provide greater fairness and timelier decision-making for applicants.

According to BPI, the package would help banking agencies focus regulatory resources where they are needed most while expanding access to credit and supporting lending to consumers and businesses.

Taxpayer advocacy support. Americans for Tax Reform urged House members in a letter to support the legislation, characterizing it as a pro-growth measure that would promote credit access, competition and economic growth. ATR said the bill would be the most consequential banking measure since enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018.

ATR argued that community banks are critical providers of credit, particularly for small businesses and agricultural borrowers, but said post-financial-crisis regulatory burdens contributed to a significant decline in new bank formation. The organization pointed to data it said showed annual bank charter approvals fell sharply after enactment of the Dodd-Frank Act.

The group said H.R. 6955 would continue efforts to tailor regulation according to institution size and risk characteristics, incentivize the formation of new banks and support a more competitive banking system capable of serving entrepreneurs, small businesses and local communities.

Companies: American Bankers Association; American Fintech Council; Americans for Tax Reform; Bank Policy Institute; Defense Credit Union Council; National Credit Union Administration

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