The "Merger Process Review Act" requires Inspector Generals of Federal depository institution regulatory agencies to review the handling of insured depository institution merger applications annually. They will assess timeliness and efficiency using quantifiable metrics, such as application processing times. This process intends to enhance transparency and accountability in the merger review procedures.
Merger Process Review Act
This bill requires the appropriate Office of the Inspector General (OIG) that serves the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to periodically review the merger applications received by that regulator.
Specifically, every three years, the appropriate OIG must examine that regulator’s merger approval procedures, including timeliness and efficiency, and report on its findings and recommendations. The regulator must then submit a plan to implement the appropriate recommendations.