Advisor news, October 1, 2021, Of the 3,819 Bank Merger Applications the Fed Received Between 2006 and 2017, It Did Not Decline a Single One
Congressman Jesus “Chuy” Garcia (IL-04), member of the House of Committee on Financial Services (FSC), and United States Senator Elizabeth Warren (D-Mass.), a member of the United States Senate Banking, Housing, and Urban Affairs Committee (BHUA), announced the reintroduction of the Bank Merger Review Modernization Act. The legislation would restrict harmful consolidation in the banking industry and protect consumers and the financial system from institutions that are “Too Big to Fail”, like those that caused the 2008 financial crisis.
“This bill is a long overdue step to ensure that bank mergers are good for the public,” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition (NCRC). “For decades, federal bank merger law has recognized that there must be a public benefit in terms of increased access to affordable credit. This bill finally spells out what banks must do to meet that requirement.”
