Streamlining application process and review of capital raising by de novo regulated institutions

(a) In general Each of the Federal financial institutions regulatory agencies shall— (1) for the purpose of streamlining the process of applying to become a de novo regulated institution, conduct a review of any application forms related to such process; (2) to the extent practicable, gather information needed from applicants seeking to become a de novo regulated institution from other Federal Government agencies or public sources to minimize information requests of such applicants; and (3) in consultation with the Securities and Exchange Commission, review how de novo regulated institutions raise capital while maintaining investor protections, including the impact of— (A) general capital raising restrictions; and (B) capital raising restrictions related to individuals who are not accredited investors. (b) Report Not later than 1 year after the date of the enactment of this section, and annually for 5 years thereafter, each of the Federal financial institutions regulatory agencies shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and publish on a public website of such agency a report that contains— (1) a description of the actions taken by such agency pursuant to subsection (a); and (2) as appropriate, any administrative or legislative recommendations with respect to the purpose described in subsection (a)(3).