1. Short title This Act may be cited as the Promoting Access to Capital in Underbanked Communities Act . 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 United States were deeply affected by trends in bank closures and consolidation, meaning that the counties had fewer than 10 branches in 2012 and lost not less than 50 percent of them by 2017. (4) 89 percent of the deeply affected counties described in paragraph (3) 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. Definitions In this Act: (1) Appropriate Federal banking agency; depository institution; depository institution holding company The terms appropriate Federal banking agency , depository institution , and depository institution holding company have the meanings given those terms in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). (2) Community Bank Leverage Ratio The term Community Bank Leverage Ratio has the meaning given that term under section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act ( 12 U.S.C. 5371 note). (3) Financial institution The term financial institution means a depository institution or depository institution holding company. (4) Rural community bank The term rural community bank means a financial institution— (A) with total consolidated assets of less than $10,000,000,000