STREAMLINING DEPOSITORY INSTITUTION MERGER APPLICATION REQUIREMENTS.

SEC. 606. STREAMLINING DEPOSITORY INSTITUTION MERGER APPLICATION REQUIREMENTS.(a) In General.—Section 18(c)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(4)) is amended to read as follows:“(4) Reports on competitive factors.—“(A) Request for report.—In the interests of uniform standards and subject to subparagraph (B), before acting on any application for approval of a merger transaction, the responsible agency shall—“(i) request a report on the competitive factors involved from the Attorney General of the United States; and“(ii) provide a copy of the request to the Corporation (when the Corporation is not the responsible agency).“(B) Furnishing of report.—The report requested under subparagraph (A) shall be furnished by the Attorney General to the responsible agency—“(i) not later than 30 calendar days after the date on which the Attorney General received the request; or“(ii) not later than 10 calendar days after such date, if the requesting agency advises the Attorney General that an emergency exists requiring expeditious action.“(C) Exceptions.—A responsible agency may not be required to request a report under subparagraph (A) if—“(i) the responsible agency finds that it must act immediately in order to prevent the probable failure of 1 of the insured depository institutions involved in the merger transaction; or“(ii) the merger transaction involves solely an insured depository institution and 1 or more of the affiliates of such depository institution.”.(b) Technical and Conforming Amendments.—Section 18(c)(6) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(6)) is amended—(1) in the second sentence, by striking “banks or savings associations involved and reports on the competitive factors 120 STAT. 1982 have” and inserting “insured depository institutions involved, or if the proposed merger transaction is solely between an insured depository institution and 1 or more of its affiliates, and the report on the competitive factors has”; and(2) by striking the penultimate sentence and inserting the following: “If the agency has advised the Attorney General under paragraph (4)(B)(ii) of the existence of an emergency requiring expeditious action and has requested a report on the competitive factors within 10 days, the transaction may not be consummated before the fifth calendar day after the date of approval by the agency.”.