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Faster Bank Merger Approvals: Preventing Failures, Protecting Savings

This act aims to speed up the approval process for bank and savings and loan holding company acquisition applications. This means decisions on bank mergers will be made more quickly, potentially leading to greater financial stability and faster responses to issues in the banking sector, thereby protecting citizens' savings.
Key points
Establishes strict deadlines for regulators to approve bank acquisition applications, with automatic approval after 90 days if no decision is made.
Limits the consideration of third-party information when assessing application completeness, focusing on data provided by the applicant.
Seeks to prevent bank failures by streamlining merger and acquisition processes, potentially enhancing citizens' financial security.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_7403
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2024-02-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Bank Failure Prevention Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7403.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-02-16.

What are the main provisions?

Key points include:

  • Establishes strict deadlines for regulators to approve bank acquisition applications, with automatic approval after 90 days if no decision is made.
  • Limits the consideration of third-party information when assessing application completeness, focusing on data provided by the applicant.
  • Seeks to prevent bank failures by streamlining merger and acquisition processes, potentially enhancing citizens' financial security.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy