Summary
Makes the Inspector General of federal bank regulators review the speed and efficiency of their bank merger application process every three years.
What problem does this solve?
The process for federal agencies to approve bank mergers might be too slow or inefficient, which could delay mergers that are good for the economy. This bill creates a regular check-up by an independent Inspector General to find and fix any delays or problems in the merger review process.
Who does this affect?
- Federal bank and credit union regulators
- Banks, credit unions, and other financial institutions
- Inspectors General of federal financial agencies
What does this bill do?
Reference
Text:
Section:
Sec. 2(a)
Header:
Inspector general review of the handling of insured depository institution merger applications
Mandates a review every three years
Requires the Inspector General of each federal bank regulator to review how the agency handles merger applications. The first review is within one year, and then every three years after that.
Reference
Text:
Section:
Sec. 2(a)(1-4)
Header:
Inspector general review of the handling of insured depository institution merger applications
Sets what the review must cover
Specifies that the review must look at processing times, causes for delays, and the impact of approved mergers on financial stability, competition, and the availability of financial services.
Requires public reports and agency responses
Mandates that the Inspector General must give a report to Congress and post it online. The banking agency must then respond with a plan to fix any problems found in the report.
Identifies the agencies to be reviewed
Names the specific agencies whose merger processes will be reviewed: the Federal Reserve, the Comptroller of the Currency, the FDIC, and the National Credit Union Administration Board.
What is the real world impact?
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Improves government efficiency
Creates a regular review process to make sure federal agencies that oversee bank mergers are working quickly and effectively, identifying and fixing any sources of delay.
When does this start?
The bill sets up a recurring schedule for reviews and reports, starting within one year of becoming law.
First review of merger processes
The first review by the Inspector General must be completed no later than one year after the bill becomes law.
Ongoing reviews
After the first review, a new review must be conducted every three years.
Public reports
At the end of each three-year review, the Inspector General must issue a public report to Congress with all findings.
Agency response
After each report is issued, the affected regulatory agency must submit a public response and a plan to implement the recommendations.