OCC Approves Final Rule and Policy Statement on Bank Mergers
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today
approved a final rule updating its regulations for business
combinations involving national banks and federal savings associations
and a policy statement clarifying its review of applications under the
Bank Merger Act (BMA).
The final rulemaking is part of the
OCCâs effort to enhance transparency around its process of reviewing
transactions under the BMA. It also provides additional guidance to
stakeholders around the OCCâs review of applications. The policy
statement specifically discusses: general principles for the OCCâs
review of applications under the BMA, including: indicators for
applications that are more likely to withstand scrutiny and be
approved expeditiously; and indicators for applications that raise
supervisory or regulatory concerns which most likely need to be
resolved prior to OCC approval; the OCCâs consideration of the
financial stability; managerial and financial resources and future
prospects; and convenience and needs statutory factors under the BMA;
and the OCCâs decision process for extending the public comment
period or holding a public meeting.
âThe diversity of the
banking system is critical to the nationâs communities, consumers
and economy,â said Acting Comptroller Michael J. Hsu. âThis final
rule and policy statement provide clarity and transparency around the
OCCâs consideration of bank mergers to improve outcomes to benefit
communities, enhance competition, and support a diverse banking
system. â Related Link