Merger Process Review Act

This bill requires the inspectors general — the internal watchdogs — of four major banking regulators to review how those agencies handle applications from banks and credit unions that want to merge with each other. Every three years, these watchdogs must look at whether the approval process is being handled in a timely and efficient way, and then report what they find along with any suggestions for improvement. After receiving the report, each banking regulator must submit a plan explaining how it will carry out the recommended changes.

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