Bill > HR7403

This bill, the Bank Failure Prevention Act of 2024, aims to specify when the record is considered complete for certain acquisition applications related to depository institution holding companies. Specifically, the bill amends the Bank Holding Company Act and the Home Owners' Loan Act to: 1) Require the Federal Reserve Board to notify applicants within 30 days (or 60 days for unusually complex applications) whether the record on their application is complete or if additional information is needed. 2) Deem the record complete upon receipt of the applicant's response, unless the Board determines the response is materially deficient and notifies the applicant within 30 days. 3) Mandate the Board to grant or deny the application within 90 days of the initial submission, regardless of whether the record was initially complete. 4) Specify that the Board can only consider information provided by the applicant, and not any third-party information, in determining the completeness of the record. These provisions are intended to streamline the application process and provide more certainty for banks and other depository institutions seeking to acquire or merge with other entities.