Bill > HR1900

This bill establishes new procedural requirements for federal regulators (specifically the Board and responsible agencies) when processing applications from bank holding companies, savings and loan holding companies, and insured depository institutions. The bill mandates that within 30 days of receiving an application, the regulatory agency must either confirm the application record is complete or specify what additional information is needed. If the application is complex, the agency can extend this initial review period by an additional 30 days. When an applicant responds to a request for more information, the record is deemed complete unless the agency determines the response is materially deficient and provides a detailed explanation within 30 days. Critically, the bill limits the agency's review to only information provided by the applicant, excluding third-party input. Furthermore, the bill establishes a strict 90-day deadline for the agency to either grant or deny the application, with an automatic approval if no decision is made within that timeframe. The applicant can request a one-time extension of up to 30 days. These provisions aim to streamline the application process, increase transparency, and prevent regulatory delays in approving bank-related transactions by imposing clear timelines and procedural guidelines on federal regulators.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1900/all-info