OCC Extends Comment Period for Proposed Rule on Bank Mergers

The OCC extended the comment period from April 15, 2024 to June 15, 2024 for a proposed rule governing mergers involving national banks, federal savings associations and federal branches and agencies of foreign banks. (See previous coverage.)

The proposal is intended to ensure that mergers receive an appropriate level of review and includes (i) eliminating provisions for expedited reviews and (ii) discontinuing the use of "streamlined business combination applications." The accompanying proposed policy statement would provide guidance on the revised OCC merger review process.

The NPRM was published in the Federal Register on February 13, 2024.