Bank Failure Prevention Act of 2024

This bill sets new deadlines for the Federal Reserve Board to process applications from bank and savings holding companies seeking regulatory approvals. It requires the Board to notify applicants within 30 days (with a possible 30-day extension for complex cases) whether their application file is complete, and mandates a final decision within 90 days of submission - deeming the application approved if the deadline passes. The law restricts the Board from considering third-party information (like reports or recommendations) when determining if an application file is complete. It directly affects financial institutions applying for mergers, acquisitions, or other regulatory actions under the Bank Holding Company Act and Home Owners’ Loan Act. The key change is accelerating the approval process to reduce delays in the financial regulatory system.