Rural Depositories Revitalization Studies

(a) Study on rural depository institutions The Federal banking agencies shall, jointly, carry out a study— (1) to identify methods to improve the growth, capital adequacy, and profitability of depository institutions in the United States that primarily serve rural areas; and (2) to identify Federal statutes (other than appropriations Acts) or regulations of the Federal banking agencies that limit— (A) the methods identified under paragraph (1); or (B) the establishment of de novo depository institutions in rural areas. (b) Report on rural depository institutions Not later than 1 year after the date of enactment of this Act, the Federal banking agencies shall, jointly, issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (a). (c) Study on rural credit unions The National Credit Union Administration shall carry out a study— (1) to identify methods to improve the growth, capital adequacy, and profitability of insured credit unions in the United States that primarily serve rural areas; and (2) to identify Federal statutes (other than appropriations Acts) or regulations of the National Credit Union Administration that limit— (A) the methods identified under paragraph (1); or (B) the establishment of de novo insured credit unions in rural areas. (d) Report on rural credit unions Not later than 1 year after the date of enactment of this Act, the National Credit Union Administration shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (c). (e) Definitions In this section: (1) Depository institution The term depository institution has the meaning given that term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). (2) Federal banking agencies The term Federal banking agencies means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. (3) Insured credit union The term insured credit union has the meaning given that term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). (4) Rural area The term rural area means— (A) a county that is neither in a metropolitan statistical area nor in a micropolitan statistical area that is adjacent to a metropolitan statistical area, as those terms are defined by the Office of Management and Budget and as they are applied under applicable Urban Influence Codes, established by the Department of Agriculture’s Economic Research Service; or (B) a census block that is not in an urban area, as defined by the Bureau of the Census using the latest decennial census of the United States.