OCC proposes stricter review process for bank mergers
By 
Aaron Nicodemus2024-01-30T20:39:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
In a notice of proposed rulemaking (NPRM) issued Monday, the OCC suggested eliminating the agency’s current policy that allows mergers to be approved on the 15th day after the close of the comment period, unless the OCC takes action to remove the filing from expedited processing.
Acting Comptroller of the Currency Michael Hsu, in a speech delivered Monday at the University of Michigan, explained the move reflects the OCC’s view “that bank mergers are significant corporate transactions that require the OCC to make a decision.”
Related articles
-
PremiumOCC’s Hsu advocates requiring mid-sized banks create ‘robust’ recovery plans
Acting Comptroller of the Currency Michael Hsu said he favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.
-
Premium
FDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
-
PremiumU.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
More from Regulatory Policy
-
ArticleNYDFS to firms: apply cybersecurity rules to third-parties
The New York State Department of Financial Services (NYDFS) wants financial firms to step up their game when it comes to third parties and cybersecurity.
-
ArticleNavigating HHS and FDA’s overhaul of the food and beverage industry
Under the Trump administration, the Department of Health and Human Services and the Food and Drug Administration have been hellbent on eliminating synthetic food dyes from food and beverage products, forcing a jarring and costly overhaul with cascading impacts on the operations of the entire industry.
-
PremiumU.K. FCA establishes framework for unlisted companies to trade shares on a ‘buyer-beware’ basis
Private companies that are keen to trade their shares but do not wish to become listed have gained another way to trade their shares. The U.K. government completed its initial review and published rules for the system in June.