Bank Mergers Face Tougher, Slower Process Under OCC Proposal (2)

Bank mergers face a tougher and potentially longer road to approval under a proposal released Monday by a top industry watchdog.

The US Office of the Comptroller of the Currency is seeking to remove a decades-old requirement that certain merger applications get automatic approval on the 15th day after the close of the public comment period if the OCC fails to act by that deadline.

Michael Hsu

Photographer: Ting Shen/Bloomberg

“Merger applications exist along a spectrum,” Michael Hsu, the agency’s acting comptroller, said in a speech Monday at the University of Michigan’s School of Business. “Some have significant deficiencies. Others are straightforward ...