The Office of the Comptroller of the Currency (OCC) has released an interim final rule, reinstating its expedited review process for bank merger applications in the US.  

This move marks a policy reversal from the Biden-era approach, which had eliminated automatic approvals after a 15-day period following the close of the comment period unless the OCC intervened to remove the filing from expedited processing.  

The reinstated interim rule restores the automatic approval mechanism. 

The interim final rule effectively nullifies the 2024 final rule that mandated a more deliberate consideration of bank mergers.  

The OCC’s decision comes in the wake of the Senate passing a joint resolution under Congressional Review Act (CRA) procedures, which aimed to block an OCC rule that was perceived to delay the bank merger approval process with additional bureaucracy. 

This change is intended to “reduce the burden and uncertainty that the 2024 Final Rule added to the application process,” stated the OCC.  

The regulator’s shift aligns with the Senate’s disapproval of the previous rule, which Senator John Kennedy (R-La.) described as adding “more red tape that could lead to consumer uncertainty.” 

OCC Acting Comptroller of the Currency Rodney E. Hood said: “The OCC’s actions today reduce burden and uncertainty for banks and supports a regulatory framework for bank mergers that is effective and not excessive. Making it easier for well-managed and well-capitalised banks to merge promotes competition and facilitates economic growth and innovation.”