Bill Details
HR.1900 - 119th Congress
Status
Latest action
2025-06-04 - Placed on the Union Calendar, Calendar No. 101.
Introduced Date
2025-03-06
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
6
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would set new deadlines for federal banking regulators when they review certain bank-related merger and acquisition applications. It says regulators must quickly tell applicants whether their paperwork is complete, what extra information is needed, and then make a final decision within 90 days of the first submission. The bill also limits how regulators can judge whether an application is complete by saying they must rely only on information from the applicant, not outside comments or reports. If the agency misses the deadline, the application would be treated as approved.
- It applies to applications involving bank holding companies, savings and loan holding companies, and mergers involving insured banks.
- Within 30 days of getting an application, the agency must say either that the record is complete or list all missing information. For especially complex cases, it can take up to 60 days.
- After an applicant sends in the requested information, the application is automatically treated as complete unless the agency says, within 30 days, that the response was seriously incomplete.
- Agencies may use only information from the applicant when deciding if the record is complete; they may not rely on third-party reports, opinions, or recommendations for that step.
- The agency must approve or deny the application within 90 days of the original filing, and if it does not, the application is considered approved. The applicant may agree to extend that deadline by up to 30 more days.
Official Summaries
Bank Failure Prevention Act of 2025
This bill revises the Federal Reserve Board’s review process of merger and acquisition applications for bank holding companies.
Specifically, the board must notify the applicant within a certain time period regarding whether the application is complete or if additional information is required. The board must grant or deny such an application no later than 90 days after submission, regardless of whether the application was deemed complete. (Currently, the board must grant or deny an application no later than 90 days after receipt of a complete application.)
In addition, the board is prohibited from basing such application determinations on information provided by third parties.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1900 Reported in House (RH)]
<DOC>
Union Calendar No. 101
119th CONGRESS
1st Session
H. R. 1900
[Report No. 119-132]
To specify when the record is complete on certain acquisition
applications related to depository institution holding companies, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 6, 2025
Mr. Barr (for himself and Mr. Fitzgerald) introduced the following
bill; which was referred to the Committee on Financial Services
June 4, 2025
Additional sponsors: Mr. Meuser and Mr. Sessions
June 4, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on March
6, 2025]
_______________________________________________________________________
A BILL
To specify when the record is complete on certain acquisition
applications related to depository institution holding companies, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bank Failure Prevention Act of
2025''.
SEC. 2. COMPLETE RECORD ON AN APPLICATION.
(a) Bank Holding Companies.--Section 3(b)(1) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(b)(1)) is amended--
(1) by striking ``Upon receiving'' and inserting the
following:
``(A) In general.--Upon receiving'';
(2) by striking ``required'' and inserting ``acquired'';
(3) by striking ``In the event of the failure of the Board
to act on any application for approval under this section
within the ninety-one-day period which begins on the date of
submission to the Board of the complete record on that
application, the application shall be deemed to have been
granted.''; and
(4) by adding at the end the following:
``(B) Complete record on an application.--
``(i) Notice to applicant.--Not later than 30 days
after the date on which the Board receives an
application for approval under this section, the Board
shall transmit to the applicant a letter that either--
``(I) confirms the record on the
application is complete; or
``(II) details all additional information
that is required for the record on that
application to be complete.
``(ii) Extension of notice.--Notwithstanding clause
(i), the Board may, if an application is complex,
extend the 30-day period described under clause (i) for
an additional 30 days.
``(iii) Receipt of response; deeming of complete
record.--Upon receipt of a response from an applicant
to a notice requesting additional information described
under clause (i)(II), the record on the application
shall be deemed complete unless the Board--
``(I) determines that the applicant's
response was materially deficient; and
``(II) not later than 30 days after the
date on which the Board received the response,
provides the applicant a detailed notice
describing the deficiencies.
``(iv) Treatment of third-party information.--In
determining whether the record on an application is
complete, the Board may take into account only
information provided by the applicant, and may not base
the determination of completeness on any information
(including reports, views, or recommendations) provided
by third parties.
``(C) Deadline for determination.--
``(i) In general.--Notwithstanding subparagraphs
(A) and (B), the Board shall grant or deny an
application submitted under this section not later than
90 days after the date on which the application was
initially submitted to the Board, regardless of whether
the record on such initial application was complete.
``(ii) Failure to make a determination.--If the
Board does not grant or deny an application within the
time period described under clause (i), such
application shall be deemed to have been granted.
``(iii) Tolling of period.--The Board may at any
time extend the deadline described under clause (i) at
the request of the applicant, but may not extend the
deadline more than 30 days past the deadline described
under clause (i).''.
(b) Savings and Loan Holding Companies.--Section 10(e) of the Home
Owners' Loan Act (12 U.S.C. 1467a(e)) is amended--
(1) in paragraph (2), by striking ``, and shall render a
decision within 90 days after submission to the Board of the
complete record on the application'';
(2) by redesignating paragraph (7) as paragraph (9); and
(3) by inserting after paragraph (6) the following:
``(7) Complete record on an application.--
``(A) Notice to applicant.--Not later than 30 days
after the date on which the Board receives an
application for approval under this subsection, the
Board shall transmit to the applicant a letter that
either--
``(i) confirms the record on the
application is complete; or
``(ii) details all additional information
that is required for the record on that
application to be complete.
``(B) Extension of notice.--Notwithstanding
subparagraph (A), the Board may, if an application is
complex, extend the 30-day period described under
subparagraph (A) for an additional 30 days.
``(C) Receipt of response; deeming of complete
record.--Upon receipt of a response from an applicant
to a notice requesting additional information described
under subparagraph (A)(ii), the record on the
application shall be deemed complete unless the Board--
``(i) determines that the applicant's
response was materially deficient; and
``(ii) not later than 30 days after the
date on which the Board received the response,
provides the applicant a detailed notice
describing the deficiencies.
``(D) Treatment of third-party information.--In
determining whether the record on an application is
complete, the Board may take into account only
information provided by the applicant, and may not base
the determination of completeness on any information
(including reports, views, or recommendations) provided
by third parties.
``(8) Deadline for determination.--
``(A) In general.--Notwithstanding any other
provision of this subsection, the Board shall grant or
deny an application submitted under this subsection not
later than 90 days after the date on which the
application was initially submitted to the Board,
regardless of whether the record on such initial
application was complete.
``(B) Failure to make a determination.--If the
Board does not grant or deny an application within the
time period described under subparagraph (A), such
application shall be deemed to have been granted.
``(C) Tolling of period.--The Board may at any time
extend the deadline described under subparagraph (A) at
the request of the applicant, but may not extend the
deadline more than 30 days past the deadline described
under subparagraph (A).''.
(c) Insured Depository Institutions.--Section 18(c) of the Federal
Deposit Insurance Act (12 U.S.C. 1828(c)) is amended by adding at the
end the following:
``(14) Complete Record on an Application.--
``(A) Notice to applicant.--Not later than 30 days after
the date on which the responsible agency receives a merger
application for approval under this subsection, the responsible
agency shall transmit to the applicant a letter that either--
``(i) confirms the record on the application is
complete; or
``(ii) details all additional information that is
required for the record on that application to be
complete.
``(B) Extension of notice.--Notwithstanding subparagraph
(A), the responsible agency may, if an application is unusually
complex, extend the 30-day period described under subparagraph
(A) for an additional 30 days.
``(C) Receipt of response; deeming of complete record.--
Upon receipt of a response from an applicant to a notice
requesting additional information described under subparagraph
(A)(ii), the record on the application shall be deemed complete
unless the responsible agency--
``(i) determines that the applicant's response was
materially deficient; and
``(ii) not later than 30 days after the date on
which the responsible agency received the response,
provides the applicant a detailed notice describing the
deficiencies.
``(D) Treatment of third-party information.--In determining
whether the record on an application is complete, the
responsible agency may take into account only information
provided by the applicant, and may not base the determination
of completeness on any information (including reports, views,
or recommendations) provided by third parties.
``(15) Deadline for Determination.--
``(A) In general.--Notwithstanding any other provision of
this subsection, the responsible agency shall grant or deny a
merger application submitted under this subsection not later
than 90 days after the date on which the application was
initially submitted to the responsible agency, regardless of
whether the record on such initial application was complete.
``(B) Failure to make a determination.--If the responsible
agency does not grant or deny an application within the time
period described under subparagraph (A), such application shall
be deemed to have been granted.
``(C) Tolling of period.--The responsible agency may at any
time extend the deadline described under subparagraph (A) at
the request of the applicant, but may not extend the deadline
more than 30 days past the deadline described under
subparagraph (A).''.
Union Calendar No. 101
119th CONGRESS
1st Session
H. R. 1900
[Report No. 119-132]
_______________________________________________________________________
A BILL
To specify when the record is complete on certain acquisition
applications related to depository institution holding companies, and
for other purposes.
_______________________________________________________________________
June 4, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed