Members of the House of Representatives encouraged the Federal Reserve to continue improving the efficiency of bank merger and acquisition application reviews.
Details: In a letter to Fed Vice Chair for Supervision Michelle Bowman, House Financial Services Committee Chairman French Hill (R-Ark.), Subcommittee on Financial Institutions Chairman Andy Barr (R-Ky.), and 13 subcommittee members requested:
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Swift implementation of the initiatives agreed to in response to the Office of Inspector General’s March review.
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A review of long-pending applications focused on identifying and removing obstacles to final action.
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An identification of additional classes of applications currently requiring direct Fed action.
Priority: Bowman in January said that the Fed would focus on improving the mergers and acquisitions review process.
ICBA Advocacy: ICBA last month said it supports National Credit Union Administration proposed amendments governing the merger of insured credit unions into banks, saying it is a much-needed deregulatory first step to reduce unnecessary procedural burdens.