[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7403 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7403

     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

                           February 16, 2024

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

_______________________________________________________________________

                                 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 
2024''.

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 unusually 
                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 the Board 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.''.
    (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 
                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 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 the Board 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.''.
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