MERGERS, CONSOLIDATIONS. AND OTHER ACQUISITIONS AUTHORIZED.

SEC. 502. MERGERS, CONSOLIDATIONS. AND OTHER ACQUISITIONS AUTHORIZED. (a) Federal Savings Associations.— Section 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a) is amended by adding at the end the following new subsection: “(t) Mergers, Consolidations, and Other Acquisitions Authorized.— “(1) In general.— Subject to sections 5(d)(3) and 18(c) of the Federal Deposit Insurance Act and all other applicable laws, any Federal savings association may acquire or be acquired by any insured depository institution. “(2) Expedited approval of acquisitions.— “(A) In general.— Any application by a savings association to acquire or be acquired by another insured depository institution which is required to be filed with the Director under section 5(d)(3) of the Federal Deposit Insurance Act or any other applicable law or regulation shall be approved or disapproved in writing by the Director before the end of the 60-day period beginning on the date such application is filed with the agency. “(B) Extension of period.— The period for approval or disapproval referred to in subparagraph (A) may be extended for an additional 30-day period if the Director determines that— “(i) an applicant has not furnished all of the information required to be submitted; or “(ii) in the Director’s judgment, any material information submitted is substantially inaccurate or incomplete. “(3) Acquire defined.— For purposes of this subsection, the term ‘acquire’ means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution. “(4) Regulations.— “(A) Required.— The Director shall prescribe such regulations as may be necessary to carry out paragraph (1). “(B) Effective date.— The regulations required under subparagraph (A) shall— “(i) be prescribed in final form before the end of the 90-day period beginning on the date of the enactment of this subsection; and “(ii) take effect before the end of the 120-day period beginning on such date. “(5) Limitation.— No provision of this section shall be construed to authorize a national bank or any subsidiary thereof to engage in any activity not otherwise authorized under the 105 STAT. 2393National Bank Act or any other law governing the powers of a national bank.”. (b) National Banks.— Chapter 1 of title LXII of the Revised Statutes of the United States (12 U.S.C. 5133 et seq.) is amended by adding at the end the following new section: “SEC. 5156A. MERGERS, CONSOLIDATIONS. AND OTHER ACQUISITIONS AUTHORIZED. “(a) In General.— Subject to sections 5(d)(3) and 18(c) of the Federal Deposit Insurance Act and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution. “(b) Expedited Approval of Acquisitions.— “(1) In general.— Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency by section 5(d)(3) of the Federal Deposit Insurance Act or any other applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency. “(2) Extensions of period.— The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that— “(A) an applicant has not furnished all of the information required to be submitted; or “(B) in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete. “(c) Rule of Construction.— No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act or any other law governing the powers of national banks. “(d) Acquire Defined.— For purposes of this section, the term ‘acquire’ means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.”.