H.R. 478 — what changed
Promoting New Bank Formation Act
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 3 Changes to business plans
In general— During the 3-year period beginning on the date on which a depository institution became an insured depository institution, the insured depository institution or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate Federal banking agency by submitting a request to such agency pursuant to this section.
changed
Review of changes— An The appropriate Federal banking agency shall, not later than the end of the 30-day period beginning on the receipt of a request under subsection (a)—
approve, conditionally approve, or deny such request; and
notify the applicant of such decision and, if the agency denies the request—
provide the applicant with the reason for such denial; and
suggest changes to the request that, if adopted, would allow the agency to approve such request.
changed
Result of failure To to act— If an appropriate Federal banking agency fails to approve or deny a request within the 30-day period required under subsection (b), such request shall be deemed to be approved.