119-hr1900

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1900 Reported in House

    (RH) ]

<DOC>

 Union Calendar No. 101
119th CONGRESS
 1st Session
 H. R. 1900

 [Report No. 119-132]

 To specify when the record is complete on certain acquisition 
 applications related to depository institution holding companies, and 
 for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 March 6, 2025

 Mr. Barr (for himself and Mr. Fitzgerald) introduced the following 
 bill; which was referred to the Committee on Financial Services

 June 4, 2025

 Additional sponsors: Mr. Meuser and Mr. Sessions

 June 4, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
 in italic]
 [For text of introduced bill, see copy of bill as introduced on March 
 6, 2025]

_______________________________________________________________________

 A BILL

 To specify when the record is complete on certain acquisition 
 applications related to depository institution holding companies, and 
 for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Bank Failure Prevention Act of 
2025''.

SEC. 2. COMPLETE RECORD ON AN APPLICATION.

    (a) Bank Holding Companies.--

Section 3

    (b)

    (1) of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1842

    (b)

    (1) ) is amended--

    (1) by striking ``Upon receiving'' and inserting the 
 following:
 ``
        (A) In general.--Upon receiving'';

    (2) by striking ``required'' and inserting ``acquired'';

    (3) by striking ``In the event of the failure of the Board 
 to act on any application for approval under this section 
 within the ninety-one-day period which begins on the date of 
 submission to the Board of the complete record on that 
 application, the application shall be deemed to have been 
 granted.''; and

    (4) by adding at the end the following:
 ``
        (B) Complete record on an application.--
 ``
            (i) Notice to applicant.--Not later than 30 days 
 after the date on which the Board receives an 
 application for approval under this section, the Board 
 shall transmit to the applicant a letter that either--
 ``
            (I) confirms the record on the 
 application is complete; or
 ``
            (II) details all additional information 
 that is required for the record on that 
 application to be complete.
 ``
            (ii) Extension of notice.--Notwithstanding clause
            (i) , the Board may, if an application is complex, 
 extend the 30-day period described under clause
            (i) for 
 an additional 30 days.
 ``
            (iii) Receipt of response; deeming of complete 
 record.--Upon receipt of a response from an applicant 
 to a notice requesting additional information described 
 under clause
            (i) 
            (II) , the record on the application 
 shall be deemed complete unless the Board--
 ``
            (I) determines that the applicant's 
 response was materially deficient; and
 ``
            (II) not later than 30 days after the 
 date on which the Board received the response, 
 provides the applicant a detailed notice 
 describing the deficiencies.
 ``
            (iv) Treatment of third-party information.--In 
 determining whether the record on an application is 
 complete, the Board may take into account only 
 information provided by the applicant, and may not base 
 the determination of completeness on any information 
 (including reports, views, or recommendations) provided 
 by third parties.
 ``
            (C) Deadline for determination.--
 ``
            (i) In general.--Notwithstanding subparagraphs
        (A) and
        (B) , the Board shall grant or deny an 
 application submitted under this section not later than 
 90 days after the date on which the application was 
 initially submitted to the Board, regardless of whether 
 the record on such initial application was complete.
 ``
            (ii) Failure to make a determination.--If the 
 Board does not grant or deny an application within the 
 time period described under clause
            (i) , such 
 application shall be deemed to have been granted.
 ``
            (iii) Tolling of period.--The Board may at any 
 time extend the deadline described under clause
            (i) at 
 the request of the applicant, but may not extend the 
 deadline more than 30 days past the deadline described 
 under clause
            (i) .''.

    (b) Savings and Loan Holding Companies.--

Section 10

    (e) of the Home 
Owners' Loan Act (12 U.S.C. 1467a

    (e) ) is amended--

    (1) in paragraph

    (2) , by striking ``, and shall render a 
 decision within 90 days after submission to the Board of the 
 complete record on the application'';

    (2) by redesignating paragraph

    (7) as paragraph

    (9) ; and

    (3) by inserting after paragraph

    (6) the following:
 ``

    (7) Complete record on an application.--
 ``
        (A) Notice to applicant.--Not later than 30 days 
 after the date on which the Board receives an 
 application for approval under this subsection, the 
 Board shall transmit to the applicant a letter that 
 either--
 ``
            (i) confirms the record on the 
 application is complete; or
 ``
            (ii) details all additional information 
 that is required for the record on that 
 application to be complete.
 ``
        (B) Extension of notice.--Notwithstanding 
 subparagraph
        (A) , the Board may, if an application is 
 complex, extend the 30-day period described under 
 subparagraph
        (A) for an additional 30 days.
 ``
            (C) Receipt of response; deeming of complete 
 record.--Upon receipt of a response from an applicant 
 to a notice requesting additional information described 
 under subparagraph
        (A)
            (ii) , the record on the 
 application shall be deemed complete unless the Board--
 ``
            (i) determines that the applicant's 
 response was materially deficient; and
 ``
            (ii) not later than 30 days after the 
 date on which the Board received the response, 
 provides the applicant a detailed notice 
 describing the deficiencies.
 ``
            (D) Treatment of third-party information.--In 
 determining whether the record on an application is 
 complete, the Board may take into account only 
 information provided by the applicant, and may not base 
 the determination of completeness on any information 
 (including reports, views, or recommendations) provided 
 by third parties.
 ``

    (8) Deadline for determination.--
 ``
        (A) In general.--Notwithstanding any other 
 provision of this subsection, the Board shall grant or 
 deny an application submitted under this subsection not 
 later than 90 days after the date on which the 
 application was initially submitted to the Board, 
 regardless of whether the record on such initial 
 application was complete.
 ``
        (B) Failure to make a determination.--If the 
 Board does not grant or deny an application within the 
 time period described under subparagraph
        (A) , such 
 application shall be deemed to have been granted.
 ``
            (C) Tolling of period.--The Board may at any time 
 extend the deadline described under subparagraph
        (A) at 
 the request of the applicant, but may not extend the 
 deadline more than 30 days past the deadline described 
 under subparagraph
        (A) .''.
            (c) Insured Depository Institutions.--

Section 18
            (c) of the Federal 
Deposit Insurance Act (12 U.S.C. 1828
            (c) ) is amended by adding at the 
end the following:
 ``

    (14) Complete Record on an Application.--
 ``
        (A) Notice to applicant.--Not later than 30 days after 
 the date on which the responsible agency receives a merger 
 application for approval under this subsection, the responsible 
 agency shall transmit to the applicant a letter that either--
 ``
            (i) confirms the record on the application is 
 complete; or
 ``
            (ii) details all additional information that is 
 required for the record on that application to be 
 complete.
 ``
        (B) Extension of notice.--Notwithstanding subparagraph
        (A) , the responsible agency may, if an application is unusually 
 complex, extend the 30-day period described under subparagraph
        (A) for an additional 30 days.
 ``
            (C) Receipt of response; deeming of complete record.--
 Upon receipt of a response from an applicant to a notice 
 requesting additional information described under subparagraph
        (A)
            (ii) , the record on the application shall be deemed complete 
 unless the responsible agency--
 ``
            (i) determines that the applicant's response was 
 materially deficient; and
 ``
            (ii) not later than 30 days after the date on 
 which the responsible agency received the response, 
 provides the applicant a detailed notice describing the 
 deficiencies.
 ``
            (D) Treatment of third-party information.--In determining 
 whether the record on an application is complete, the 
 responsible agency may take into account only information 
 provided by the applicant, and may not base the determination 
 of completeness on any information (including reports, views, 
 or recommendations) provided by third parties.
 ``

    (15) Deadline for Determination.--
 ``
        (A) In general.--Notwithstanding any other provision of 
 this subsection, the responsible agency shall grant or deny a 
 merger application submitted under this subsection not later 
 than 90 days after the date on which the application was 
 initially submitted to the responsible agency, regardless of 
 whether the record on such initial application was complete.
 ``
        (B) Failure to make a determination.--If the responsible 
 agency does not grant or deny an application within the time 
 period described under subparagraph
        (A) , such application shall 
 be deemed to have been granted.
 ``
            (C) Tolling of period.--The responsible agency may at any 
 time extend the deadline described under subparagraph
        (A) at 
 the request of the applicant, but may not extend the deadline 
 more than 30 days past the deadline described under 
 subparagraph
        (A) .''.
 Union Calendar No. 101

119th CONGRESS

 1st Session

 H. R. 1900

 [Report No. 119-132]

_______________________________________________________________________

 A BILL

 To specify when the record is complete on certain acquisition 
 applications related to depository institution holding companies, and 
 for other purposes.

_______________________________________________________________________

 June 4, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed