SJRES 13
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
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Bill overview
This joint resolution aims to block a recent rule issued by the Office of the Comptroller of the Currency (OCC) regarding bank mergers. The rule, published in September 2024, changed how the OCC reviews applications for mergers. Congress is using the process of congressional disapproval to effectively nullify the OCC’s rule and prevent it from being implemented.
Key provisions
- Congress disapproves the OCC’s rule on bank mergers.
- The rule’s provisions are invalidated.
- The resolution utilizes the congressional disapproval process.
- It specifically targets the rule published on September 25, 2024.
Who is affected
- Banks
- The Office of the Comptroller of the Currency
- The Department of the Treasury
- Potential bank merger applicants
Notable changes
- The rule’s changes to the expedited review procedure for bank mergers are blocked.
- Streamlined application forms for bank mergers are discontinued.
Sponsors
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Primary sponsor
Cosponsors
Thomas Tillis
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119th CONGRESS — 1st Session
S. J. RES. 13
IN THE SENATE OF THE UNITED STATES
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
That Congress disapproves the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to Business Combinations Under the Bank Merger Act
(89 Fed. Reg. 78207 (September 25, 2024)), and such rule shall have no force or effect.