The Senate today voted 52-47 in favor of a resolution to overturn a 2024 final rule that changed how the Office of the Comptroller of the Currency reviews proposed bank mergers.
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 by Sen. John Kennedy (R-La.) would negate the rule under the Congressional Review Act. Rep. Andy Barr (R-Ky.) has introduced a companion resolution in the House.
The American Bankers Association supported the resolution. In a statement, ABA President and CEO Rob Nichols applauded the Senate vote and urged the House to quickly pass the companion legislation.
“ABA has long believed that bank mergers should be subject to clear and transparent standards, and that regulators should act in a timely and fair manner when considering applications,” Nichols said. “Unfortunately, the final rule the OCC approved last September created unhelpful and biased new standards — including arbitrary asset thresholds — without providing the clarity and predictability that banks and their customers need.”
