Senate votes to overturn OCC ban on expedited merger review

Senate votes to overturn OCC ban on expedited merger review

A similar resolution pending in the House would reverse a rule toughening the approval process – just as opponents of the Capital One-Discover deal say the green light came too easily.

OCC reverses 2024 bank merger review rule

The Office of the Comptroller of the Currency (OCC) has released an interim final rule, reinstating its expedited review process for bank merger applications in the US.   This move marks a policy reversal from the Biden-era approach, which had eliminated automatic approvals after a 15-day period following the close of the comment period unless the OCC intervened to remove the filing from expedited processing.   The reinstated interim rule restor…

Senate votes to overturn OCC rule on bank-merger review

The Congressional Review Act resolution to overturn the Office of the Comptroller of the Currency's rules on bank mergers passed 52-47.

News Release: Senate Votes for More Too-Big-To-Fail Megabanks - Americans for Financial Reform

The Senate overturned a tiny but critical regulatory change by the Office of the Comptroller of the Currency that eliminated two relics from over 25 years ago: the automatic approval of bank mergers and the expedited review of bank merger applications. These deeply flawed 1996 regulations rubber-stamped bank mergers and ushered in a merger wave that massively consolidated the banking industry, created too-big-to-fail megabanks, and contributed t…