The House voted 220-207 today in favor of a Senate resolution to overturn a 2024 final rule that changed how the Office of the Comptroller of the Currency reviews proposed bank mergers. The resolution was adopted by the Senate earlier this month and now heads to President Trump for his signature.
The OCC last year adopted a rule that made several revisions to how it reviews merger proposals, including ending a practice of automatically approving merger applications on the 15th day after the close of the comment period unless the agency takes action to remove the filing for expedited processing. S.J. Res. 13 would negate the rule under the Congressional Review Act.
The House approved the resolution after debate. In a letter to House leaders, the American Bankers Association urged support for the legislation, saying the OCC did not address several concerns raised before the rule was adopted by the agency. ABA President and CEO Rob Nichols applauded lawmakers in a statement following the vote.
The resolution “will provide regulators with the opportunity to reenvision the framework governing bank mergers so that it more effectively promotes competition while allowing banks to better serve their customers,” Nichols said. “We look forward to President Trump signing this important resolution into law.
In addition to the resolution, the OCC earlier this month issued an interim final rule restoring its streamlined process for reviewing bank merger applications.
