I
119THCONGRESS
1
STSESSION H. R. 1900
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
MARCH6, 2025
Mr. B
ARR(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 com-
panies, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Bank Failure Preven-4
tion Act of 2025’’. 5
SEC. 2. COMPLETE RECORD ON AN APPLICATION. 6
(a) B
ANKHOLDINGCOMPANIES.—Section 3(b)(1) of 7
the Bank Holding Company Act of 1956 (12 U.S.C. 8
1842(b)(1)) is amended— 9
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(1) by striking ‘‘Upon receiving’’ and inserting 1
the following: 2
‘‘(A) I
N GENERAL.—Upon receiving’’; 3
(2) by striking ‘‘required’’ and inserting ‘‘ac-4
quired’’; 5
(3) by striking ‘‘In the event of the failure of 6
the Board to act on any application for approval 7
under this section within the ninety-one-day period 8
which begins on the date of submission to the Board 9
of the complete record on that application, the appli-10
cation shall be deemed to have been granted.’’; and 11
(4) by adding at the end the following: 12
‘‘(B) C
OMPLETE RECORD ON AN APPLICA -13
TION.— 14
‘‘(i) N
OTICE TO APPLICANT .—Not later 15
than 30 days after the date on which the Board 16
receives an application for approval under this 17
section, the Board shall transmit to the appli-18
cant a letter that either— 19
‘‘(I) confirms the record on the appli-20
cation is complete; or 21
‘‘(II) details all additional information 22
that is required for the record on that ap-23
plication to be complete. 24
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‘‘(ii) EXTENSION OF NOTICE .—Notwith-1
standing clause (i), the Board may, if an appli-2
cation is unusually complex, extend the 30-day 3
period described under clause (i) for an addi-4
tional 30 days. 5
‘‘(iii) R
ECEIPT OF RESPONSE; DEEMING OF 6
COMPLETE RECORD .—Upon receipt of a re-7
sponse from an applicant to a notice requesting 8
additional information described under clause 9
(i)(II), the record on the application shall be 10
deemed complete unless the Board— 11
‘‘(I) determines that the applicant’s 12
response was materially deficient; and 13
‘‘(II) not later than 30 days after the 14
date on which the Board received the re-15
sponse, provides the applicant a detailed 16
notice describing the deficiencies. 17
‘‘(iv) T
REATMENT OF THIRD -PARTY INFOR-18
MATION.—In determining whether the record on 19
an application is complete, the Board may take 20
into account only information provided by the 21
applicant, and may not base the determination 22
of the Board on any information (including re-23
ports, views, or recommendations) provided by 24
third parties. 25
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‘‘(C) DEADLINE FOR DETERMINATION .— 1
‘‘(i) I
N GENERAL.—Notwithstanding sub-2
paragraphs (A) and (B), the Board shall grant 3
or deny an application submitted under this 4
section not later than 90 days after the date on 5
which the application was initially submitted to 6
the Board, regardless of whether the record on 7
such initial application was complete. 8
‘‘(ii) F
AILURE TO MAKE A DETERMINA -9
TION.—If the Board does not grant or deny an 10
application within the time period described 11
under clause (i), such application shall be 12
deemed to have been granted.’’. 13
(b) S
AVINGS ANDLOANHOLDINGCOMPANIES.—Sec-14
tion 10(e) of the Home Owners’ Loan Act (12 U.S.C. 15
1467a(e)) is amended— 16
(1) in paragraph (2), by striking ‘‘, and shall 17
render a decision within 90 days after submission to 18
the Board of the complete record on the applica-19
tion’’; 20
(2) by redesignating paragraph (7) as para-21
graph (9); and 22
(3) by inserting after paragraph (6) the fol-23
lowing: 24
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‘‘(7) COMPLETE RECORD ON AN APPLICA -1
TION.— 2
‘‘(A) N
OTICE TO APPLICANT .—Not later 3
than 30 days after the date on which the Board 4
receives an application for approval under this 5
subsection, the Board shall transmit to the ap-6
plicant a letter that either— 7
‘‘(i) confirms the record on the appli-8
cation is complete; or 9
‘‘(ii) details all additional information 10
that is required for the record on that ap-11
plication to be complete. 12
‘‘(B) E
XTENSION OF NOTICE .—Notwith-13
standing subparagraph (A), the Board may, if 14
an application is unusually complex, extend the 15
30-day period described under subparagraph 16
(A) for an additional 30 days. 17
‘‘(C) R
ECEIPT OF RESPONSE; DEEMING OF 18
COMPLETE RECORD .—Upon receipt of a re-19
sponse from an applicant to a notice requesting 20
additional information described under subpara-21
graph (A)(ii), the record on the application 22
shall be deemed complete unless the Board— 23
‘‘(i) determines that the applicant’s 24
response was materially deficient; and 25
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‘‘(ii) not later than 30 days after the 1
date on which the Board received the re-2
sponse, provides the applicant a detailed 3
notice describing the deficiencies. 4
‘‘(D) T
REATMENT OF THIRD -PARTY IN-5
FORMATION.—In determining whether the 6
record on an application is complete, the Board 7
may take into account only information pro-8
vided by the applicant, and may not base the 9
determination of the Board on any information 10
(including reports, views, or recommendations) 11
provided by third parties. 12
‘‘(8) D
EADLINE FOR DETERMINATION .— 13
‘‘(A) I
N GENERAL.—Notwithstanding any 14
other provision of this subsection, the Board 15
shall grant or deny an application submitted 16
under this subsection not later than 90 days 17
after the date on which the application was ini-18
tially submitted to the Board, regardless of 19
whether the record on such initial application 20
was complete. 21
‘‘(B) F
AILURE TO MAKE A DETERMINA -22
TION.—If the Board does not grant or deny an 23
application within the time period described 24
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under subparagraph (A), such application shall 1
be deemed to have been granted.’’. 2
Æ
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