This legislation mandates that the Inspector General of each Federal depository institution regulatory agency conduct a comprehensive review every three years, starting one year after the bill's enactment. These reviews will specifically assess the agency's record of timeliness and efficiency in processing insured depository institution merger applications . Each review must include an evaluation of relevant quantifiable metrics, such as mean and median application processing times, and identify sources of delay that may hinder the timely consummation of proposals. The Inspector General is also required to provide specific recommendations to improve the timeliness and efficiency of application processing, consistent with the agency's statutory responsibilities. Upon completion, a report detailing all findings and determinations must be submitted to Congress, followed by a written response from the relevant agency outlining its plan to implement the recommendations.