Regulators must review application forms and gather data from other sources
What the document says“(B) 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”
The section requires each of the federal financial institutions regulatory agencies to review the forms used to apply to become a new regulated institution, to gather what it can from other federal agencies or public sources so as to ask applicants for less, and, with the Securities and Exchange Commission, to review how such institutions raise capital while keeping investor protections, including the effect of general capital raising restrictions and those tied to investors who are not accredited.
What the document actually says“(B) 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”
The regulator must get what it can from other places. It may use other federal agencies or public sources. The point is to ask the applicant for less.
A de novo institution is a brand new bank or credit union. Starting one takes heavy paperwork. This tries to cut it down.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.