If you or a group of investors wanted to start a brand-new bank or credit union, this law would push the federal agencies that approve those applications (the regulators who check whether a new bank is financially sound before letting it open) to make that process simpler and faster. It requires them to look for ways to avoid asking applicants for the same paperwork multiple times, and to examine whether current rules make it too hard for a new bank to raise the startup money it needs. Applicants could also request a dedicated staff person to walk them through the process and a list of similar, already-running institutions willing to informally mentor them. The goal, as described, is to make it easier for new local banks and credit unions to get off the ground.