HR6546-119

2. Inspector general review of the handling of insured depository institution merger applications Not later than 1 year after the date of enactment of this Act, and every 3 years thereafter, the Inspector General of each Federal depository institution regulatory agency shall review the Federal depository institution regulatory agency’s record of timeliness and efficiency in reviewing and acting upon insured depository institution merger applications. The review shall— include an evaluation of relevant quantifiable metrics, including mean and median application processing times; identify sources of delay that may hinder the timely consummation of proposals that meet the relevant statutory factors; and include specific recommendations to improve the timeliness and efficiency of application processing, consistent with the Federal depository institution regulatory agency’s statutory responsibilities. Each Inspector General described under subsection (a) shall, at the conclusion of each review required under subsection (a), issue a report to Congress containing all findings and determinations made in carrying out the review. In response to each report issued to Congress under subsection (a), the appropriate Federal depository institution regulatory agency shall submit to Congress a written response, including a plan to implement the recommendations in the report, to the extent such implementation is appropriate. In this section: The term application means an application, notice, or other similar request for permission submitted to a Federal depository institution regulatory agency. The term Federal depository institution regulatory agency means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board. The term insured depository institution— has the meaning given that term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and means an insured credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). The term insured depository institution merger application means an application with respect to the acquisition of an insured depository institution, its equity interests, its assets, or its deposits under— section 10(e) of the Home Owners’ Loan Act (12 U.S.C. 1467a(e)); section 205(b) of the Federal Credit Union Act (12 U.S.C. 1785(b)); section 7(j) of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)); section 18(c)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(2)); section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842); and section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843).