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Amends 12 U.S.C. 1842(b)(1) by modifying existing subparagraph (A) (striking and inserting text and replacing the word 'required' with 'acquired'), removing specified punctuation, and adding a new subparagraph (B) 'Complete record on an application' (establishing applicant notice within 30 days, an optional 30-day extension for unusually complex applications, rules for deeming a record complete after applicant response, and a prohibition on relying on third-party information for completeness determinations) and subparagraph (C) 'Deadline for determination' (requiring grant/deny within 90 days and deeming an application granted if the Board fails to act within that period).
Amends 12 U.S.C. 1467a(e) by redesignating existing paragraph (7) as paragraph (9), inserting a new paragraph (7) 'Complete record on an application' (requiring the Board to notify applicants within 30 days whether the record is complete or what additional information is required, permitting one 30-day extension for unusually complex applications, deeming records complete upon applicant response unless materially deficient and requiring a detailed notice of deficiencies within 30 days, and limiting completeness determinations to applicant-provided information), and adding paragraph (8) 'Deadline for determination' (requiring grant/deny within 90 days of initial submission and deeming applications granted if the Board fails to act within that period).
Adds new paragraphs (14) and (15) to subsection 18(c) establishing requirements for responsible agencies to notify applicants within 30 days about completeness (with a possible additional 30-day extension for unusually complex applications), rules for applicant responses and deficiency notices within 30 days, limitations on use of third-party information in completeness determinations, and a 90-day grant/deny deadline (with applicant-requested extension not to exceed 30 days past the 90-day deadline) with a deeming rule if not acted upon.
Creates a fast, uniform timeline for certain bank-related applications. Agencies must tell applicants within 30 days if the application file is complete or what is missing (with one 30‑day extension for complex cases). Once the file is complete, the agency has 90 days to approve or deny, with only limited extensions allowed. The agency’s completeness check can only rely on information the applicant submits. If the agency misses the 90‑day decision deadline, the application is automatically approved. This aims to add certainty and speed to bank approval processes while limiting open‑ended delays.
For bank holding company applications: Not later than 30 days after the Board receives an application under 12 U.S.C. 1842(b)(1), the Board must send the applicant a letter that either confirms the application record is complete or details all additional information required to make the record complete.
For bank holding company applications: The Board may, if an application is complex, extend the 30-day notice period for an additional 30 days.
For bank holding company applications: If the applicant responds to a request for additional information, the record is deemed complete unless the Board determines the response is materially deficient and, within 30 days after receiving the response, provides the applicant a detailed notice describing those deficiencies.
For bank holding company applications: In deciding whether the record is complete, the Board may consider only information provided by the applicant and may not base completeness on third-party information (including reports, views, or recommendations).
For bank holding company applications: The Board must grant or deny the application not later than 90 days after initial submission, regardless of whether the initial record was complete.
Referred to the House Committee on Financial Services.
Introduced March 6, 2025 by Garland H. Barr · Last progress March 6, 2025
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Placed on the Union Calendar, Calendar No. 101.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-132.
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
Committee Consideration and Mark-up Session Held