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The OCC rescinded its 2024 final rule on regulations for business combinations involving national banks and federal savings associations.
Details: The new interim final rule that rescinds the rule also restores the streamlined application and expedited review to the OCC’s procedures for evaluating applications under the Bank Merger Act, as advocated by ICBA.
Background: The OCC in September 2024 approved a final rule that removed expedited review procedures that allow certain filings to be deemed approved as of the 15th day after the close of the comment period. That final rule also removed from OCC regulations a section that specifies situations in which an applicant may use the OCC’s streamlined business combination application rather than the full interagency Bank Merger Act application.
ICBA View: In a June 2024 comment letter, ICBA said it opposes eliminating expedited reviews and streamlined applications. ICBA also called on the OCC to work with the FDIC, Federal Reserve, and Justice Department to create unified, interagency bank merger guidelines.
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