Bank Merger Review Efficiency: New Oversight for Financial Regulators.
This law requires federal financial regulators (like the Fed and FDIC) to undergo mandatory reviews every three years regarding how quickly and efficiently they process bank and credit union merger applications. The goal is to increase transparency and speed up the regulatory process, which indirectly affects market competition and consumer access to financial services. Regulators must report findings and propose plans for improvement to Congress.
Key points
Mandates triennial audits by Inspectors General to assess the timeliness of federal agencies reviewing bank and credit union mergers.
Reviews must identify specific causes of delays and recommend ways to improve the speed of the decision-making process, using metrics like mean processing times.
Regulatory agencies are required to submit implementation plans to Congress based on the audit recommendations for efficiency improvements.
Status:
Placed on Calendar
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