Bill > HR6570

This bill requires the Comptroller General (the head of the Government Accountability Office or GAO) to conduct a comprehensive study on how federal banking regulators use commitments and conditions when reviewing and approving merger applications for financial institutions. The study will evaluate quantifiable metrics and examine whether these commitments and conditions are consistently aligned with existing statutory requirements, specifically investigating if any extra-legal considerations are influencing the approval process. The Comptroller General must complete this study and submit a report to Congress within six months of the bill's enactment. The bill provides detailed definitions for key terms like "insured depository institution" (which includes banks and credit unions) and "merger application," covering various types of financial institution acquisitions under multiple federal banking laws. By mandating this independent review, the bill aims to increase transparency and ensure that merger approvals are based on clear, legally prescribed criteria rather than potentially subjective or inconsistent standards.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6570/all-info