,,ib ,union ,calendar ,no4 #aja #aaith ,,congress #ast ,session ,h4 ,r4 #aijj ,report ,no4 #aai-acb ,,in ,,the ,,house ,,of ,,representatives ,march #f1 #bjbe,mr4 ,barr 7for himself and ,mr4 ,fitzgerald7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,june #d1 #bjbe;,additional sponsors3 ,mr4 ,meuser and ,mr4 ,sessions ,june #d1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,march #f1 #bjbe ,a ,,bill ,to specify when the record is complete on certain acquisition applications related to depository institution holding companies1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,bank ,failure ,prevention ,act of #bjbe4 #b4 ,complete record on an application 7a7 ,bank holding companies ,section #c7;b77#a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdb7;b77#a77 is amended-- 7#a7 by striking ,upon receiving and inserting the following3 7,a7 ,in general ,upon receiving 2 7#b7 by striking required and inserting acquired2 7#c7 by striking ,in the event of the failure of the ,board to act on any application for approval under this section within the ninety-one-day period which begins on the date of submission to the ,board of the complete record on that application1 the application shall be deemed to have been granted42 and 7#d7 by adding at the end the following3 7,b7 ,complete record on an application 7i7 ,notice to applicant ,not later than #cj days after the date on which the ,board receives an application for approval under this section1 the ,board shall transmit to the applicant a letter that either-- 7,i7 confirms the record on the application is complete2 or 7,,ii7 details all additional information that is required for the record on that application to be complete4 7ii7 ,extension of notice ,notwithstanding clause 7i71 the ,board may1 if an application is complex1 extend the #cj-;day period described under clause 7i7 for an additional #cj days4 7iii7 ,receipt of response2 deeming of complete record ,upon receipt of a response from an applicant to a notice requesting additional information described under clause 7i77,,ii71 the record on the application shall be deemed complete unless the ,board-- 7,i7 determines that the applicant's response was materially deficient2 and 7,,ii7 not later than #cj days after the date on which the ,board received the response1 provides the applicant a detailed notice describing the deficiencies4 7iv7 ,treatment of third-party information ,in determining whether the record on an application is complete1 the ,board may take into account only information provided by the applicant1 and may not base the determination of completeness on any information 7including reports1 views1 or recommendations7 provided by third parties4 7,c7 ,deadline for determination 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the ,board shall grant or deny an application submitted under this section not later than #ij days after the date on which the application was initially submitted to the ,board1 regardless of whether the record on such initial application was complete4 7ii7 ,failure to make a determination ,if the ,board does not grant or deny an application within the time period described under clause 7i71 such application shall be deemed to have been granted4 7iii7 ,tolling of period ,the ,board may at any time extend the deadline described under clause 7i7 at the request of the applicant1 but may not extend the deadline more than #cj days past the deadline described under clause 7i74 4 7b7 ,savings and loan holding companies ,section #aj7;e7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7e77 is amended-- 7#a7 in paragraph 7#b71 by striking 1 and shall render a decision within #ij days after submission to the ,board of the complete record on the application2 7#b7 by redesignating paragraph 7#g7 as paragraph 7#i72 and 7#c7 by inserting after paragraph 7#f7 the following3 7#g7 ,complete record on an application 7,a7 ,notice to applicant ,not later than #cj days after the date on which the ,board receives an application for approval under this subsection1 the ,board shall transmit to the applicant a letter that either-- 7i7 confirms the record on the application is complete2 or 7ii7 details all additional information that is required for the record on that application to be complete4 7,b7 ,extension of notice ,notwithstanding subparagraph 7,a71 the ,board may1 if an application is complex1 extend the #cj-;day period described under subparagraph 7,a7 for an additional #cj days4 7,c7 ,receipt of response2 deeming of complete record ,upon receipt of a response from an applicant to a notice requesting additional information described under subparagraph 7,a77ii71 the record on the application shall be deemed complete unless the ,board-- 7i7 determines that the applicant's response was materially deficient2 and 7ii7 not later than #cj days after the date on which the ,board received the response1 provides the applicant a detailed notice describing the deficiencies4 7,d7 ,treatment of third-party information ,in determining whether the record on an application is complete1 the ,board may take into account only information provided by the applicant1 and may not base the determination of completeness on any information 7including reports1 views1 or recommendations7 provided by third parties4 7#h7 ,deadline for determination 7,a7 ,in general ,notwithstanding any other provision of this subsection1 the ,board shall grant or deny an application submitted under this subsection not later than #ij days after the date on which the application was initially submitted to the ,board1 regardless of whether the record on such initial application was complete4 7,b7 ,failure to make a determination ,if the ,board does not grant or deny an application within the time period described under subparagraph 7,a71 such application shall be deemed to have been granted4 7,c7 ,tolling of period ,the ,board may at any time extend the deadline described under subparagraph 7,a7 at the request of the applicant1 but may not extend the deadline more than #cj days past the deadline described under subparagraph 7,a74 4 7c7 ,insured depository institutions ,section #ah7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c77 is amended by adding at the end the following3 7#ad7 ,complete record on an application 7,a7 ,notice to applicant ,not later than #cj days after the date on which the responsible agency receives a merger application for approval under this subsection1 the responsible agency shall transmit to the applicant a letter that either-- 7i7 confirms the record on the application is complete2 or 7ii7 details all additional information that is required for the record on that application to be complete4 7,b7 ,extension of notice ,notwithstanding subparagraph 7,a71 the responsible agency may1 if an application is unusually complex1 extend the #cj-;day period described under subparagraph 7,a7 for an additional #cj days4 7,c7 ,receipt of response2 deeming of complete record ,upon receipt of a response from an applicant to a notice requesting additional information described under subparagraph 7,a77ii71 the record on the application shall be deemed complete unless the responsible agency-- 7i7 determines that the applicant's response was materially deficient2 and 7ii7 not later than #cj days after the date on which the responsible agency received the response1 provides the applicant a detailed notice describing the deficiencies4 7,d7 ,treatment of third-party information ,in determining whether the record on an application is complete1 the responsible agency may take into account only information provided by the applicant1 and may not base the determination of completeness on any information 7including reports1 views1 or recommendations7 provided by third parties4 7#ae7 ,deadline for determination 7,a7 ,in general ,notwithstanding any other provision of this subsection1 the responsible agency shall grant or deny a merger application submitted under this subsection not later than #ij days after the date on which the application was initially submitted to the responsible agency1 regardless of whether the record on such initial application was complete4 7,b7 ,failure to make a determination ,if the responsible agency does not grant or deny an application within the time period described under subparagraph 7,a71 such application shall be deemed to have been granted4 7,c7 ,tolling of period ,the responsible agency may at any time extend the deadline described under subparagraph 7,a7 at the request of the applicant1 but may not extend the deadline more than #cj days past the deadline described under subparagraph 7,a74 4 ,june #d1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed