The bill, known as the "Bank Failure Prevention Act of 2024," aims to establish clear procedures and deadlines for processing acquisition applications related to depository institution holding companies and savings and loan holding companies. It requires the Board to notify applicants within...
Simple Explanation
The "Bank Failure Prevention Act of 2024" is a plan to make sure decisions about certain bank company applications are made quickly, usually within 90 days. If it takes too long, the application is automatically approved, and the people checking the applications are not allowed to use outside information to make a decision.