ELIMINATION OF REDUNDANT APPROVAL REQUIREMENT FOR OAKAR TRANSACTIONS.

SEC. 2201. ELIMINATION OF REDUNDANT APPROVAL REQUIREMENT FOR OAKAR TRANSACTIONS. (a) In General.— Section 5(d)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1815(d)(3)) is amended— (1) in subparagraph (A), by striking “with the prior written approval of” and inserting “if the transaction is approved by”; (2) in subparagraph (E)— (A) by striking clauses (i) and (iv); (B) by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and (C) by adding at the end the following new clause: “(iii) Capital requirements.— A transaction described in this paragraph shall not be approved under section 18(c)(2) unless the acquiring, assuming, or resulting depository institution will meet all applicable capital requirements upon consummation of the transaction.”; (3) by striking subparagraph (G); and (4) by redesignating subparagraphs (H) through (J) as subparagraphs (G) through (I), respectively. (b) Conforming Amendments.— (1) Revised statutes.— Section 5156A(b)(1) of the Revised Statutes of the United States (12 U.S.C. 215c(b)(1)) is amended by striking “by section 5(d)(3) of the Federal Deposit Insurance Act or any other” and inserting “under any”. (2) Home owners’ loan act.— Section 10(s)(2)(A) of the Home Owners’ Loan Act (12 U.S.C. 1467a(s)(2)(A)) is amended by striking “under section 5(d)(3) of the Federal Deposit Insurance Act or any other” and inserting “under any”.