It is still under review for consideration under the Endangered Species Act. Scientist Diana Fisher coauthored a paper on the probability of rediscovering mammal species that have not been documented in several years, including the montane monkey-faced bat. Later, in an interview, she noted that several species of mammal feared extinct had a decent chance of rediscovery, specifically mentioning the montane-monkey faced bat and Alcorn's pocket gopher. In particular, Fisher and coauthor Blomberg found that time missing was an important factor in mammal rediscovery, with species that haven't been missing as long more likely to be rediscovered. Mammals with larger ranges are also more likely to be rediscovered after "extinction," as well as mammals thought to have gone extinct due to habitat loss as opposed to overhunting. In 2015, the nonprofit organization Bat Conservation International awarded a Grassroots Grant to Australian researchers to confirm where surviving populations exist. However, the holotype is still the only known example of this species.