Financial Services Applauds House Passage Of CRA To Reverse Biden-Era Bank Merger Rule

Today, the House of Representatives passed S.J. Res 13, A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency (OCC) relating to the review of applications under the Bank Merger Act. The resolution, when signed into law by President Trump, will reverse a Biden-era rulemaking issued by the OCC that made it significantly tougher for small banks to grow and compete.

“Many small banks rely on mergers to grow and stay competitive in today’s market. The Biden-era OCC rule on bank merger reviews would have imposed burdensome standards that stifled innovation and competition and limited consumer choice in the banking sector,” said Chairman Hill (AR-02). “I commend Senator Kennedy, Representative Barr, and all who supported this CRA in both the House and the Senate for their work to support a more competitive banking system.”

“Customers now demand advanced technological features such as mobile and online banking, which requires substantial capital investments. Mergers often present the only viable path for these institutions to keep up with these regulatory and technological costs and continue serving their local communities,” said Subcommittee Chairman Barr (KY-06). “This CRA supports healthy competition and helps prevent bank failures.”

Watch Subcommittee Chairman Andy Barr’s floor remarks HERE.

“The prior administration’s OCC Rule burdened businesses with excessive red tape, particularly targeting small businesses and limited beneficial mergers. Reversing this rule allows for central mergers that drive innovation, lower operational costs, and benefit consumers. This is a commonsense issue and I am proud to support it,” said Rep. Mike Haridopolos (FL-08).

Watch Rep. Mike Haridopolos’ floor remarks HERE.

“Under the Biden-Harris Administration, the Office of the Comptroller of the Currency introduced unnecessary impediments to prevent healthy bank mergers with limited justification. Community banks are the cornerstone of local communities and often mergers present an opportunity to allow them to better keep up with the cost of compliance and technology costs. This is another step to move this economy forward,” said Rep. Tim Moore (NC-14).

Watch Rep. Tim Moore’s floor remarks HERE.