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House Rules Committee backs CRA to disapprove OCC bank‑merger review rule
Summary
The House Rules Committee voted to report a closed rule for two Congressional Review Act measures, including S.J. Res. 13, which would disapprove an OCC rule changing bank merger review procedures; proponents say it eases burdens on smaller banks, opponents say it removes needed safeguards for competition and financial stability.
The House Committee on Rules voted to report a closed rule allowing floor consideration of S.J. Res. 13, a Congressional Review Act measure disapproving the Office of the Comptroller of the Currency's final rule governing bank‑merger reviews.
Why it matters: Supporters said overturning the OCC rule would ease a growing regulatory burden on small and mid‑sized banks and preserve opportunities for community‑level mergers; critics said the rule improves transparency and scrutiny that protect competition and financial stability.
Representative Flood, appearing for the Committee on Financial Services, urged support for S.J. Res. 13, saying the OCC rule "makes it significantly harder for banks to merge" and "would make mergers more costly and complicated" for community and regional banks. Flood told the committee that mergers help banks "expand, reach more customers, diversify services, and reduce costs"…
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