OCC proposes stricter review process for bank mergers

The Treasury Department’s Office of the Comptroller of the Currency (OCC) proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.

In a notice of proposed rulemaking (NPRM) issued Monday, the OCC suggested eliminating the agency’s current policy that allows mergers to be approved on the 15th day after the close of the comment period, unless the OCC takes action to remove the filing from expedited processing.

Acting Comptroller of the Currency Michael Hsu, in a speech delivered Monday at the University of Michigan, explained the move reflects the OCC’s view “that bank mergers are significant corporate transactions that require the OCC to make a decision.”