To specify when the record is complete on certain acquisition applications related to depository institution holding companies, and for other purposes.
Sponsors
Legislative Progress
ReportedAdditional sponsors: Mr. Meuser and Mr. Sessions
Reported with an amendment, committed to the Committee of the …
Mr. Barr (for himself and Mr. Fitzgerald) introduced the following …
Summary
What This Bill Does
Requires the Federal Reserve to notify bank acquisition applicants within 30 days whether their application record is complete, with detailed information on any deficiencies, and limits ability to extend reviews indefinitely.
Who Benefits and How
Bank holding company applicants gain predictable review timelines. Acquisition planning benefits from clear completeness standards. Regulatory process becomes more transparent and efficient.
Who Bears the Burden and How
Federal Reserve must respond within 30 days (60 for complex applications). Board cannot base completeness on non-applicant information. Must provide detailed deficiency notices.
Key Provisions
- 30-day deadline for completeness determination
- 30-day extension allowed for complex applications
- Cannot consider non-applicant information for completeness
- Record deemed complete after response to deficiency notice
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Establishes timelines for Federal Reserve to complete review of bank acquisition applications
Policy Domains
Legislative Strategy
"Streamline bank acquisition approvals through timeline certainty"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_board"
- → Board of Governors of Federal Reserve
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology