Before engaging in certain activities like mergers or acquisitions, banks must apply for approval from Reserve Banks or the Board, which review applications for legal issues and considerations and for safety and soundness principles

Despite recent measures to increase efficiency, median application processing times increased from 2021 to 2024—by about 11 percent for all application types and by about 40 percent for small community bank mergers and acquisitions. Board officials and staff cited numerous reasons for delays, such as time needed to consult with other regulatory agencies and conduct internal reviews before final action

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