FDIC proposes five-day deemed approval route for qualifying bank mergers
The FDIC proposed a rapid approval route for qualifying de minimis bank mergers in a Federal Register filing.
The shortcut is narrow. Acquired assets must be below both the lower federal antitrust filing threshold and 5 percent of the acquiring bank's assets, unless the transaction is a qualifying operating-subsidiary reorganization. The institutions must also meet supervisory, compliance and capital conditions.
A qualifying filing would be deemed approved five business days after the latest applicable filing or Justice Department competition-review event, unless the attorney general objects. The proposal would remove the public-comment period for these deals.
The wider plan would count credit union shares and centrally booked deposits in the FDIC's initial competition screen. It would also give the agency 21 days to tell an applicant that a filing is incomplete.
