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S.J.Res. 13119th Congress
Official title: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
Congress voted to cancel the OCC's 2024 rule that added scrutiny to bank merger reviews, reverting to prior standards.
35-second read · 4 questions answered below
This bill uses the Congressional Review Act to cancel a September 2024 OCC rule that changed how bank mergers are reviewed under the Bank Merger Act. It doesn't create new rules; it removes the OCC's added scrutiny process, so mergers revert to the older review procedures and standards that existed before.
Banks considering mergers or acquisitions, and the OCC, which is now barred from reissuing a substantially similar rule without specific congressional approval.
Bank customers aren't directly affected right away, but changes to merger review standards could influence merger activity, local banking competition, and how thoroughly future deals are scrutinized for risks.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: the President signed it. It's law.Now law
Latest action: — Became Public Law No: 119-19.