HR1900-119

1. Short title This Act may be cited as the Bank Failure Prevention Act of 2025.

2. Complete record on an application Section 3(b)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(b)(1)) is amended— by striking Upon receiving and inserting the following: Upon receiving by striking required and inserting acquired; 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 by adding at the end the following: 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— confirms the record on the application is complete; or details all additional information that is required for the record on that application to be complete. 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. 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— determines that the applicant’s response was materially deficient; and not later than 30 days after the date on which the Board received the response, provides the applicant a detailed notice describing the deficiencies. 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. 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. 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. 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). Section 10(e) of the Home Owners’ Loan Act (12 U.S.C. 1467a(e)) is amended— 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; by redesignating paragraph (7) as paragraph (9); and by inserting after paragraph (6) the following: 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— confirms the record on the application is complete; or details all additional information that is required for the record on that application to be complete. 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. 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— determines that the applicant’s response was materially deficient; and not later than 30 days after the date on which the Board received the response, provides the applicant a detailed notice describing the deficiencies. 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. 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. 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. 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). Section 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)) is amended by adding at the end the following: 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— confirms the record on the application is complete; or details all additional information that is required for the record on that application to be complete. 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. 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— determines that the applicant’s response was materially deficient; and 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. 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. 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. 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. 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). (A)In generalUpon receiving; (B)Complete record on an application(i)Notice to applicantNot 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 noticeNotwithstanding 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 recordUpon 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 informationIn 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 generalNotwithstanding 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 determinationIf 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 periodThe 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).. (7)Complete record on an application(A)Notice to applicantNot 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 noticeNotwithstanding 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 recordUpon 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 informationIn 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 generalNotwithstanding 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 determinationIf 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 periodThe 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).. (14)Complete record on an application(A)Notice to applicantNot 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 noticeNotwithstanding 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 recordUpon 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 informationIn 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 generalNotwithstanding 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 determinationIf 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 periodThe 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)..