OCC proposes stricter review process for bank mergers
By 
Aaron Nicodemus2024-01-30T20:39:00
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.”
Related articles
-
PremiumOCC’s Hsu advocates requiring mid-sized banks create ‘robust’ recovery plans
Acting Comptroller of the Currency Michael Hsu said he favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.
-
Premium
FDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
-
PremiumU.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
More from Regulatory Policy
-
ArticleU.K. updates pension and asset manager rules, but internal auditors flag governance gaps
Will “taking an axe to” red tape and onerous reporting commitments free up trillions invested in U.K. pensions and increase the value of assets managed by regulated financial services firms?
-
News BriefU.S. Labor Department advances sweeping deregulation push targeting worker protections
The U.S. Department of Labor (DOL) appears to be in the process of deregulating work rules. Some of the changes proposed would result in a reduction of pay for certain health workers and allow minors to work hazardous jobs.
-
News BriefAtkins says SEC to embrace innovation, criticizes regulatory uncertainty around tokenization
SEC Chair Paul Atkins pointed to the growth of tokenized shares as a key development reshaping private markets, suggesting the agency is preparing to update its rules to keep pace with new forms of digital asset trading and settlement.