An original bill to amend the Bank Holding Company Act of 1956, as amended, to provide special procedures for the acquisition of failing banks or bank holding companies and for the acquisition of banks or bank holding companies in emergencies.

Provides, under the Bank Holding Company Act, procedures for the acquisition of failing banks or bank holding companies and for the acquisition of such banks or bank holding companies in cases where the Board of Governors of the Federal Reserve System has determined that it must act quickly to prevent probable failure.

States that, upon receiving from a company any application for approval to acquire shares or assets of a failing bank, the Board shall give notice to the Comptroller of the Currency, or to the appropriate supervisory authority of the interested State, in order to provide for the submission of the views and recommendations of the Comptroller of the Currency or the State supervisory authority, as the case may be. Provides that if the Comptroller or the State disapproves an application in writing within a specified period, the Board shall give written notice of that fact to the applicant. Requires the Board, within three days of giving of such notice, to notify the applicant and the disapproving authority of the date for a hearing by it on such application.

Provides that, at the conclusion of the hearing, the Board shall by order grant or deny the application on the basis of the record made at such hearing. Allows the Board to dispense with notice requirements if the Board finds that it must act at once to prevent the probable failure of a bank holding company involved in a proposed acquisition, merger, or consolidation transaction.

Requires the Board to immediately notify the Attorney General of any approval by it of a proposed acquisition, merger, and consolidation transaction. States that if the Board has found that it must act immediately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction, such transaction may be consummated at once upon approval by the Board.

Outlines standards to be applied by a court in the event that a judicial proceeding is brought to attack any acquisition, merger, or consolidation transaction approved by the Board pursuant to this Act.