State and stakeholder engagement plan

(a) In general Each of the Federal financial institutions regulatory agencies shall develop a plan to— (1) regularly consult with State regulators to promote cooperation between State and Federal banking and credit union agencies in the creation of de novo regulated institutions, including responding to any State regulator that requests assistance on how a State-chartered financial institution can request Federal insurance; (2) regularly consult with stakeholders, including applicants to become de novo regulated institutions and recently approved regulated institutions, to inform any reforms that may support the creation of de novo regulated institutions, including rural institutions, community development financial institutions, and minority depository institutions; and (3) provide guidance, training material, and regular workshops to assist any interested parties to understand such agencies processes. (b) Submission to Congress (1) In general Not later than 2 years after the date of the enactment of this section, and every 5 years thereafter, each of the Federal financial institutions regulatory agencies shall submit to the Congress the respective plan of such agency described in subsection (a). (2) Public comment With respect to developing the plan described in subsection (a), each of the Federal financial institutions regulatory agencies shall— (A) provide an opportunity for public comments; and (B) take such public comments into consideration.

(a) In general Each of the Federal financial institutions regulatory agencies shall develop a plan to— (1) regularly consult with State regulators to promote cooperation between State and Federal banking and credit union agencies in the creation of de novo regulated institutions, including responding to any State regulator that requests assistance on how a State-chartered financial institution can request Federal insurance; (2) regularly consult with stakeholders, including applicants to become de novo regulated institutions and recently approved regulated institutions, to inform any reforms that may support the creation of de novo regulated institutions, including rural institutions, community development financial institutions, and minority depository institutions; and (3) provide guidance, training material, and regular workshops to assist any interested parties to understand such agencies processes. (b) Submission to Congress (1) In general Not later than 2 years after the date of the enactment of this section, and every 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 the respective plan of such agency described in subsection (a). (2) Public comment With respect to developing the plan described in subsection (a), each of the Federal financial institutions regulatory agencies shall— (A) provide an opportunity for public comments; and (B) take such public comments into consideration.