1. Short title This Act may be cited as the Promoting Access to Capital in Underbanked Communities Act of 2023 . 2. Findings The Congress finds the following: (1) Trends in bank closures and consolidation have left many communities without access to banking services and disproportionately impact underserved rural and urban communities. (2) De novo bank formation has slowed significantly following the financial crisis. (3) A November 2019 report by the Federal Reserve System found that 44 counties in the U.S. were deeply affected by trends in bank closures and consolidation (i.e., had fewer than 10 branches in 2012 and lost at least 50 percent of them by 2017). (4) 89 percent of the deeply affected counties were rural. (5) Rural counties deeply affected by branch closures had higher poverty rates, lower median income, and a higher share of their population were African American compared to all rural communities. 3. Phase-in of capital standards The appropriate Federal banking agencies shall issue rules that provide for a 3-year phase-in period for a financial institution to meet any Federal capital requirements that would otherwise be applicable to the financial institution, where such 3-year period begins on the date on which the deposit insurance that the financial institution has obtained from the Federal Deposit Insurance Corporation becomes effective. 4. Changes to business plans (a) In general During the 3-year period beginning on the date on which the deposit insurance that the financial institution has obtained from the Federal Deposit Insurance Corporation becomes effective, a financial institution 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 An 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