U.S. bank merger reviews are set for a potential procedural reset as the Federal Deposit Insurance Corporation moves to update how it applies the Bank Merger Act. The proposal aims to cut regulatory burden and make decisions faster and more predictable while aligning scrutiny with the size, type and complexity of transaction risks.
Highlights
- FDIC board approved a notice of proposed rulemaking to modernize the Bank Merger Act review process, including broader competitive analysis measures.
- The changes introduce a letter filing process with deemed approval for de minimis mergers and tailor filing requirements to reduce burden and processing times.
- FDIC states the proposal will make merger reviews faster, more predictable, and better tailored to risk, with comments due 60 days after Federal Register publication.
Proposed changes to merger review
According to FDIC, its board has approved a notice of proposed rulemaking to modernize and reform the agency's process for reviewing merger transactions under the Bank Merger Act.The proposed changes include counting credit unions and centrally booked deposits in the competitive effects analysis, creating a letter filing process with deemed approval for de minimis merger transactions, and tailoring other filing requirements to reduce burden and processing times. The agency also proposes to limit and clarify its discretion to remove a filing from expedited processing and to revise how it evaluates statutory factors under the law.
FDIC said the broader framework is intended to impose more discipline on review timelines and better reflect the current banking environment.
Expected impact on banks and deal timelines
The agency said the proposal would substantially reduce regulatory burden and help make reviews of merger transactions faster, more predictable and more appropriately tailored to the type, size and complexity of potential risks in deals requiring FDIC approval.Comments on the proposal are due 60 days after its publication in the Federal Register.
Our earlier coverage of the DNO bid for Capricorn Energy explained how the Norwegian group raised the cash component of its takeover offer, lifting the deal value to about $396 million and prompting rival bidder Genel Energy to step back. We also noted that higher crude prices and shifting Middle East dynamics were helping accelerate consolidation among oil companies with regional exposure.
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