Mergers, consolidations, and other acquisitions authorized

(A) In general Any application by a savings association to acquire or be acquired by another insured depository institution which is required to be filed with the appropriate Federal banking agency for the savings association under any applicable law or regulation shall be approved or disapproved in writing by the appropriate Federal banking agency for the savings association before the end of the 60-day period beginning on the date such application is filed with the agency.

(B) Extension of period The period for approval or disapproval referred to in subparagraph (A) may be extended for an additional 30-day period if the appropriate Federal banking agency for the savings association determines that— (i) an applicant has not furnished all of the information required to be submitted; or (ii) in the judgment of the appropriate Federal banking agency for the savings association, any material information submitted is substantially inaccurate or incomplete.

For purposes of this subsection, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.

(A) Required The Comptroller shall prescribe such regulations as may be necessary to carry out paragraph (1).

(B) Effective date The regulations required under subparagraph (A) shall— (i) be prescribed in final form before the end of the 90-day period beginning on December 19, 1991 ; and (ii) take effect before the end of the 120-day period beginning on December 19, 1991 .

No provision of this section shall be construed to authorize a national bank or any subsidiary thereof to engage in any activity not otherwise authorized under the National Bank Act [ 12 U.S.C. 21 et seq.] or any other law governing the powers of a national bank.