WASHINGTON—The Senate voted 52-47 to approve a resolution overturning a 2024 final rule that revised the Office of the Comptroller of the Currency’s (OCC) process for reviewing proposed bank mergers, the ABA Banking Journal reported.
The rule, implemented last year by the OCC, introduced several changes to the merger review process, including eliminating the automatic approval of applications 15 days after the public comment period ends unless the agency intervenes. The resolution, S.J. Res. 13, was introduced by Sen. John Kennedy (R-LA) under the Congressional Review Act. A companion measure has been introduced in the House by Rep. Andy Barr (R-KY), the ABA Banking Journal explained.
The American Bankers Association supported the resolution and urged the House to quickly pass the companion legislation.
“ABA has long believed that bank mergers should be subject to clear and transparent standards, and that regulators should act in a timely and fair manner when considering applications,” said ABA President and CEO Rob Nichols. “Unfortunately, the final rule the OCC approved last September created unhelpful and biased new standards — including arbitrary asset thresholds — without providing the clarity and predictability that banks and their customers need.”