It can take the board up to 16 months to reach a decision on a merger application.

The board has scheduled an unusual public hearing next month - before the formal merger application is even filed - to look at the rail industry's future.

Federal banking law requires that banks "reinvest" in their communities and the merger application provided the coalition an opportunity to challenge Banco de Ponce's record.

If G.E. does not withdraw its merger application and the commission rejects it, lawyers express concern about what type of precedent it might set.

The railroads argued that the board lacked the authority to impose such a ban and could only approve or reject merger applications.

Though the merger application was subsequently denied by the ICC, locomotives bearing this color scheme can still be found occasionally in lease service.

Both companies dropped their merger applications and have never refiled.

Their merger application did not specify how many branches they would close, but banking analysts have expected it to be several hundred.

The main enforcement tool is when we look at merger applications, and from my vantage point, we look at them pretty hard.

Mr. Rule said that an airline would be exempt from such provisions if it had filed a merger application with the Transportation Department.