This legislation seeks to revitalize the formation of new banks, particularly in communities underserved by financial institutions, by addressing regulatory hurdles for de novo entities. It mandates that appropriate Federal banking agencies establish a 3-year phase-in period during which new financial institutions can gradually meet Federal capital requirements, starting from when their deposit insurance becomes effective. This measure is designed to ease the initial burden on new banks and encourage their establishment. A key provision offers targeted relief for de novo rural community banks , defining them as institutions with less than $10 billion in assets located in rural areas. For these banks, the Community Bank Leverage Ratio will be set at 8 percent during their first three years, with agencies authorized to implement even lower percentages in the initial two years. This aims to support the growth of community-focused banking in rural areas, which have been disproportionately affected by bank closures. Furthermore, the bill grants de novo financial institutions the ability to request changes to their approved business plans within their first three years, with a 30-day agency review period and automatic approval if no decision is made. It also expands the lending authority for Federal Savings Associations to include agricultural loans. Finally, the legislation requires a joint study by Federal banking agencies to identify the principal causes for the low number of new bank formations and propose ways to promote them in underserved areas, with a report to Congress within one year.