The Merger Agreement Approvals Clarity and Predictability Act requires the Government Accountability Office (GAO) to conduct a comprehensive study on how federal banking regulators handle bank merger applications. The study will examine whether the conditions and commitments that regulators impose on banks seeking to merge actually align with what federal law requires, or if regulators are considering factors beyond their legal authority. This affects all insured depository institutions including banks and credit unions that want to merge or acquire other financial institutions, as well as the four main federal banking regulators: the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration. The GAO must complete this study and report its findings to Congress within one year of the bill becoming law, with no specific funding allocated in the legislation.
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