5 versions

CosmeticWhat changed in PUBLIC LAWcompared with ENROLLED BILL

Technical corrections only. v5 updates the bill's status from an enrolled joint resolution to a public law, adding the approval date and legislative history. No substantive policy changes were made to the text of the resolution itself.

S.J.Res. 13119th CongressIntroduced Feb 4, 2025

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.

Became Public LawFinance and Financial SectorMajor

View bill text

Sponsor: Sen. Kennedy, John [R-LA]
Committees: Banking, Housing, and Urban Affairs Committee (primary)
Last action: Jun 20, 2025

Bottom line

Congress has used the Congressional Review Act to block a new OCC rule that would have changed the process for approving bank mergers, effectively preserving the status quo for bank merger oversight.

What it actually does

This joint resolution disapproves a specific rule issued by the Office of the Comptroller of the Currency (OCC) titled "Business Combinations Under the Bank Merger Act." By exercising its authority under the Congressional Review Act, Congress nullifies this rule, preventing it from taking effect and thereby maintaining the existing regulatory framework for reviewing bank merger applications.

Proponents argue

Proponents of this disapproval argue that the OCC's rule imposed unnecessary burdens, created uncertainty for financial institutions, or represented regulatory overreach that could hinder efficient bank mergers and market competition. They contend that existing regulations are sufficient and that the new rule would have introduced undue regulatory complexity.

Opponents contend

Opponents of the disapproval (i.e., proponents of the original OCC rule) would argue that the rule was a necessary update to ensure robust scrutiny of bank mergers, protect consumers, prevent financial instability, and promote fair competition by addressing potential risks of excessive consolidation. They assert that blocking the rule leaves critical gaps in regulatory oversight.

The bill is extremely short and can be read and understood in less than a minute, making it highly accessible for public review.

Section 1

Disapproval of OCC Rule on Bank Mergers

prominently featuredstraightforward

This section explicitly states that Congress disapproves the rule submitted by the Office of the Comptroller of the Currency (OCC) titled "Business Combinations Under the Bank Merger Act" (89 Fed. Reg. 78207 (September 25, 2024)). As a direct consequence of this disapproval, the specified rule is declared to have no legal force or effect. This action prevents the OCC from implementing its updated framework for reviewing bank merger applications, ensuring that the prior regulatory standards remain in place.

GroupImpactMechanismScale

GroupOffice of the Comptroller of the Currency (OCC)ImpactLoss of regulatory authority over the specific ruleMechanismCongressional disapproval under the Congressional Review Act (CRA)ScaleSpecific to one rule, but impacts future rulemaking on this topic

GroupBanks and financial institutionsImpactContinued reliance on prior bank merger review processesMechanismPrevention of new regulatory requirements and potential compliance costs associated with the disapproved ruleScaleIndustry-wide, particularly for institutions engaged in mergers and acquisitions

GroupConsumers and financial marketsImpactMaintenance of existing merger oversight standardsMechanismAbsence of potentially stricter or different merger review criteria that the OCC's rule might have introduced, impacting market structure and competitionScaleBroad, indirect impact on financial services and stability

Supporters argue

Supporters of the disapproval argue that the OCC's rule was an overreach or created unnecessary hurdles for bank mergers, potentially stifling economic activity or consolidation that could lead to efficiencies. They may contend that existing regulations are sufficient or that the new rule would have introduced undue regulatory burden, making it harder for banks to grow or adapt.

Critics contend

Opponents of the disapproval (i.e., those who supported the OCC rule) would argue that the rule was a necessary update to ensure robust oversight of bank mergers, protecting against risks to financial stability, promoting competition, and safeguarding consumer interests. They might assert that blocking the rule leaves critical gaps in regulatory scrutiny and allows for potentially harmful consolidation.

Tradeoffs

The resolution highlights the tension between regulatory oversight aimed at financial stability and consumer protection versus concerns about regulatory burden and potential hindrance to market efficiency and consolidation within the banking sector. It balances the desire for robust regulation against the perceived costs of compliance and potential impacts on industry growth.

About this analysis. AI-Generated from the official bill text and available committee reports. Gaps in available data are noted explicitly. Verify important details with the official Congress.gov record.