This bill changes rules about when the Federal Reserve Board must say an application to acquire a bank or savings-and-loan holding company has a "complete record" and when the Board must decide the application. For bank holding companies, it alters section 3(b)(1) of the Bank Holding Company Act. The Board must, within 30 days of receiving an application, send the applicant a letter that either confirms the record is complete or lists what additional information is needed. The Board may extend that 30-day notice by 30 more days for unusually complex applications. If the applicant replies to a request for more information, the record is treated as complete unless the Board finds the reply materially deficient and gives a detailed deficiency notice within 30 days. The Board may consider only information provided by the applicant when deciding whether the record is complete; it may not base that decision on third-party reports, views, or recommendations. The Board must grant or deny the application within 90 days of the initial submission, even if the record is not complete; if it does not act within 90 days, the application is deemed granted.
The bill makes parallel changes to section 10(e) of the Home Owners' Loan Act for savings-and-loan holding companies, adding the same 30-day notice, possible 30-day extension, rules about responses, limits on third-party information, and a 90-day decision deadline with deeming of grant if the Board does not decide.
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