Merger Agreement Approvals Clarity and Predictability

(a) Study The Comptroller General of the United States shall carry out a study on the use of commitments, conditions, and other aspects of merger review procedures by Federal depository institution regulatory agencies in connection with insured depository institution merger applications. The study shall— (1) include an evaluation of relevant quantifiable metrics; (2) review the extent to which the use of commitments and conditions has aligned with statutory requirements, including a review of whether the use of commitments and conditions has been influenced by extrastatutory issues or considerations; (3) consider the benefits and risks of utilizing different merger review approaches and procedures in compliance with the law; and (4) include an evaluation of the impact of such merger review procedures and resulting approved mergers on safety and soundness, financial stability, competition, and the availability of financial products and services offered by insured depository institutions. (b) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (a). (c) Definitions In this section: (1) Application The term application means an application, notice, or other similar request for permission submitted to a Federal depository institution regulatory agency. (2) 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. (3) Insured depository institution The term insured depository institution — (A) has the meaning given that term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and (B) means an insured credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). (4) Insured depository institution merger application 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— (A) section 10(e) of the Home Owners’ Loan Act (12 U.S.C. 1467a(e)); (B) section 205(b) of the Federal Credit Union Act (12 U.S.C. 1785(b)); (C) section 7(j) of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)); (D) section 18(c)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(2)); (E) section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842); and (F) section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843).

(a) Study The Comptroller General of the United States shall carry out a study on the use of commitments, conditions, and other aspects of merger review procedures by Federal depository institution regulatory agencies in connection with insured depository institution merger applications. The study shall— (1) include an evaluation of relevant quantifiable metrics; (2) review the extent to which the use of commitments and conditions has aligned with statutory requirements, including a review of whether the use of commitments and conditions has been influenced by extrastatutory issues or considerations; (3) consider the benefits and risks of utilizing different merger review approaches and procedures in compliance with the law; and (4) include an evaluation of the impact of such merger review procedures and resulting approved mergers on safety and soundness, financial stability, competition, and the availability of financial products and services offered by insured depository institutions. (b) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (a). (c) Definitions In this section: (1) Application The term application means an application, notice, or other similar request for permission submitted to a Federal depository institution regulatory agency. (2) 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. (3) Insured depository institution The term insured depository institution — (A) has the meaning given that term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and (B) means an insured credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). (4) Insured depository institution merger application 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— (A) section 10(e) of the Home Owners’ Loan Act (12 U.S.C. 1467a(e)); (B) section 205(b) of the Federal Credit Union Act (12 U.S.C. 1785(b)); (C) section 7(j) of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)); (D) section 18(c)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(2)); (E) section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842); and (F) section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843).