WASHINGTON–The Senate has voted to overturn a 2024 final rule that revised the process used by the Office of the Comptroller of the Currency to review proposed bank mergers.
The vote was 52-47 in favor of the proposal.
In 2024 the OCC, which is headed by former NCUA Chairman Rodney Hood, unveiled a number of changes related to how it reviews merger proposals, including the elimination of the automatic approval of applications 15 days after the public comment period ends unless the agency intervenes.
S.J. Res. 13, was introduced by Sen. John Kennedy (R-LA) under the Congressional Review Act. In the House a companion measure has been introduced by Rep. Andy Barr (R-KY).
Support from Banks
The resolution has the support of the banking trade groups.
“(American Bankers Association) has long believed that bank mergers should be subject to clear and transparent standards, and that regulators should act in a timely and fair manner when considering applications,” ABA President and CEO Rob Nichols said in a statement. “Unfortunately, the final rule the OCC approved last September created unhelpful and biased new standards — including arbitrary asset thresholds — without providing the clarity and predictability that banks and their customers need.”
OCC Changes Stance on Crypto & Banks
Separately, the OCC said in a new interpretive letter that national banks are permitted to buy and sell customers’ crypto assets on their behalf.
It further stated national banks can also outsource crypto custody and trade execution services to third parties, , as long as proper risk management is in place.
The OCC’s comes in the wake of a letter in March that rescinded its 2021 stance requiring banks to obtain a supervisory non-objection before engaging in crypto-related activities.
The announcements come as part of the Trump administration’s more favorable stance toward crypto.
FDIC Makes Move
As the CU Daily reported earlier, the FDIC has also rescinded earlier guidance to clarify that supervised institutions can engage in “permissible” crypto activities without obtaining approval from the agency beforehand.
