The Office of the Comptroller of the Currency (OCC) adopted an interim final rule on mergers involving national banks and federal savings associations.
The interim final rule amends its 2024 final rule and restores the streamlined application and expedited process for evaluating applications under the Bank Merger Act.
“The OCC’s actions today reduce burden and uncertainty for banks and supports a regulatory framework for bank mergers that is effective and not excessive,” Acting Comptroller of the Currency Rodney Hood said. “Making it easier for well-managed and well-capitalized banks to merge promotes competition and facilitates economic growth and innovation.”
The OCC is seeking feedback on the interim final rule, including information to include in any future policy statement.
The American Bankers Association (ABA) applauded the changes.
The OCC’s interim final rule is a significant step toward restoring a streamlined and efficient process for considering bank merger applications. We appreciate Acting Comptroller Hood’s willingness to reconsider the flawed actions the agency formerly took in this space, and to establish a process that reflects today’s financial services landscape and promotes competition more effectively,” ABA President and CEO Rob Nichols said.
Nichols added that this rule provides an opportunity to reset the conversation around bank mergers to ensure that future applications are subject to clear standards.