An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Inspector General (IG)

An independent official within a government agency responsible for investigating waste, fraud, and abuse and for promoting efficiency and effectiveness.

Federal Depository Institution Regulatory Agency

A government body that supervises and regulates banks, credit unions, and other financial institutions to ensure their safety, stability, and compliance with laws. Examples include the Federal Reserve and the FDIC.

Insured Depository Institution

A bank or credit union whose customer deposits are protected by a federal insurance agency, such as the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions, up to a certain amount.

Merger Application

A formal request submitted by financial institutions to a regulatory agency seeking permission to combine two or more institutions into a single entity.

Safety and Soundness

A term referring to the financial health, stability, and responsible operation of a financial institution, ensuring it can meet its obligations and does not pose a risk to the broader financial system.

Financial Stability

A state where the financial system as a whole (including banks, markets, and payment systems) is resilient to shocks and can effectively perform its key functions, supporting economic growth.