President Trump on Friday signed into law a joint resolution overturning a 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.) negates the rule under the Congressional Review Act. Rep. Andy Barr (R-Ky.) introduced a companion resolution in the House.
The resolution was passed by both the House and Senate in May.
In a post on X, the American Bankers Association applauded Trump for signing the resolution and Kennedy and Barr for sponsoring it.
“We urge regulators to establish a new framework that promotes competition and reflects today’s financial services landscape,” ABA said.
