---
kind: "diff"
citation: "H.R. 478"
bill: "119-hr-478"
heading: "Promoting New Bank Formation Act"
from: "ih"
from_label: "Introduced in House"
to: "rh"
to_label: "Reported in House"
sections_amended: 1
sections_added: 0
sections_removed: 0
url: "https://uscodex.org/bills/119/hr/478/changes/rh"
---

# H.R. 478 — what changed

H.R. 478, Promoting New Bank Formation Act — 1 section amended between Introduced in House and Reported in House.

Edits are marked `<del>struck</del>` and `<ins>inserted</ins>`.

## Sec. 3 Changes to business plans

- (a) In general— During the 3-year period beginning on the date on which a depository institution became an insured depository institution, the insured depository institution or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate Federal banking agency by submitting a request to such agency pursuant to this section.
- (b) Review of changes— <del>An </del><ins>The </ins>appropriate Federal banking agency shall, not later than the end of the 30-day period beginning on the receipt of a request under subsection (a)—
  - (1) approve, conditionally approve, or deny such request; and
  - (2) notify the applicant of such decision and, if the agency denies the request—
    - (A) provide the applicant with the reason for such denial; and
    - (B) suggest changes to the request that, if adopted, would allow the agency to approve such request.
- (c) Result of failure <del>To </del><ins>to </ins>act— If an appropriate Federal banking agency fails to approve or deny a request within the 30-day period required under subsection (b), such request shall be deemed to be approved.