I 

118TH CONGRESS 

2D SESSION H. R. 7403 

To specify when the record is complete on certain acquisition applications 

related to depository institution holding companies, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 16, 2024 

Mr. BARR (for himself and Mr. FITZGERALD) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To specify when the record is complete on certain acquisition 

applications related to depository institution holding companies, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Bank Failure Preven5 tion Act of 2024’’. 

6 SEC. 2. COMPLETE RECORD ON AN APPLICATION. 

7 (a) BANK HOLDING COMPANIES.—Section 3(b)(1) of 

8 the Bank Holding Company Act of 1956 (12 U.S.C. 

9 1842(b)(1)) is amended— 


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1 (1) by striking ‘‘Upon receiving’’ and inserting 

2 the following: 

3 ‘‘(A) IN GENERAL.—Upon receiving’’; 

4 (2) by striking ‘‘required’’ and inserting ‘‘ac5 quired’’; 

6 (3) by striking ‘‘In the event of the failure of 

7 the Board to act on any application for approval 

8 under this section within the ninety-one-day period 

9 which begins on the date of submission to the Board 

10 of the complete record on that application, the appli11 cation shall be deemed to have been granted.’’; and 

12 (4) by adding at the end the following: 

13 ‘‘(B) COMPLETE RECORD ON AN APPLICA14 TION.— 

15 ‘‘(i) NOTICE TO APPLICANT.—Not later 

16 than 30 days after the date on which the Board 

17 receives an application for approval under this 

18 section, the Board shall transmit to the appli19 cant a letter that either— 

20 ‘‘(I) confirms the record on the appli21 cation is complete; or 

22 ‘‘(II) details all additional information 

23 that is required for the record on that ap24 plication to be complete. 


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1 ‘‘(ii) EXTENSION OF NOTICE.—Notwith2 standing clause (i), the Board may, if an appli3 cation is unusually complex, extend the 30-day 

4 period described under clause (i) for an addi5 tional 30 days. 

6 ‘‘(iii) RECEIPT OF RESPONSE; DEEMING OF

7 COMPLETE RECORD.—Upon receipt of a re8 sponse from an applicant to a notice requesting 

9 additional information described under clause 

10 (i)(II), the record on the application shall be 

11 deemed complete unless the Board— 

12 ‘‘(I) determines that the applicant’s 

13 response was materially deficient; and 

14 ‘‘(II) not later than 30 days after the 

15 date on which the Board received the re16 sponse, provides the applicant a detailed 

17 notice describing the deficiencies. 

18 ‘‘(iv) TREATMENT OF THIRD-PARTY INFOR19 MATION.—In determining whether the record on 

20 an application is complete, the Board may take 

21 into account only information provided by the 

22 applicant, and may not base the determination 

23 of the Board on any information (including re24 ports, views, or recommendations) provided by 

25 third parties. 


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1 ‘‘(C) DEADLINE FOR DETERMINATION.— 

2 ‘‘(i) IN GENERAL.—Notwithstanding sub3 paragraphs (A) and (B), the Board shall grant 

4 or deny an application submitted under this 

5 section not later than 90 days after the date on 

6 which the application was initially submitted to 

7 the Board, regardless of whether the record on 

8 such initial application was complete. 

9 ‘‘(ii) FAILURE TO MAKE A DETERMINA10 TION.—If the Board does not grant or deny an 

11 application within the time period described 

12 under clause (i), such application shall be 

13 deemed to have been granted.’’. 

14 (b) SAVINGS AND LOAN HOLDING COMPANIES.—Sec15 tion 10(e) of the Home Owners’ Loan Act (12 U.S.C. 

16 1467a(e)) is amended— 

17 (1) in paragraph (2), by striking ‘‘, and shall 

18 render a decision within 90 days after submission to 

19 the Board of the complete record on the applica20 tion’’; 

21 (2) by redesignating paragraph (7) as para22 graph (9); and 

23 (3) by inserting after paragraph (6) the fol24 lowing: 


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1 ‘‘(7) COMPLETE RECORD ON AN APPLICA2 TION.— 

3 ‘‘(A) NOTICE TO APPLICANT.—Not later 

4 than 30 days after the date on which the Board 

5 receives an application for approval under this 

6 subsection, the Board shall transmit to the ap7 plicant a letter that either— 

8 ‘‘(i) confirms the record on the appli9 cation is complete; or 

10 ‘‘(ii) details all additional information 

11 that is required for the record on that ap12 plication to be complete. 

13 ‘‘(B) EXTENSION OF NOTICE.—Notwith14 standing subparagraph (A), the Board may, if 

15 an application is unusually complex, extend the 

16 30-day period described under subparagraph 

17 (A) for an additional 30 days. 

18 ‘‘(C) RECEIPT OF RESPONSE; DEEMING OF

19 COMPLETE RECORD.—Upon receipt of a re20 sponse from an applicant to a notice requesting 

21 additional information described under subpara22 graph (A)(ii), the record on the application 

23 shall be deemed complete unless the Board— 

24 ‘‘(i) determines that the applicant’s 

25 response was materially deficient; and 


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1 ‘‘(ii) not later than 30 days after the 

2 date on which the Board received the re3 sponse, provides the applicant a detailed 

4 notice describing the deficiencies. 

5 ‘‘(D) TREATMENT OF THIRD-PARTY IN6 FORMATION.—In determining whether the 

7 record on an application is complete, the Board 

8 may take into account only information pro9 vided by the applicant, and may not base the 

10 determination of the Board on any information 

11 (including reports, views, or recommendations) 

12 provided by third parties. 

13 ‘‘(8) DEADLINE FOR DETERMINATION.— 

14 ‘‘(A) IN GENERAL.—Notwithstanding any 

15 other provision of this subsection, the Board 

16 shall grant or deny an application submitted 

17 under this subsection not later than 90 days 

18 after the date on which the application was ini19 tially submitted to the Board, regardless of 

20 whether the record on such initial application 

21 was complete. 

22 ‘‘(B) FAILURE TO MAKE A DETERMINA23 TION.—If the Board does not grant or deny an 

24 application within the time period described 


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1 under subparagraph (A), such application shall 

2 be deemed to have been granted.’’. 

Æ 


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