American Banker, February 7, 2022, Fed, OCC set public hearing on U.S. Bank-Union Bank deal
Federal regulators have granted a public hearing next month on U.S. Bancorp’s proposed acquisition of MUFG Union Bank, a win for community activists that have pushed for a chance to weigh in on the $8 billion deal.
A U.S. Bank spokesperson said in a statement Monday that “listening to community leaders and stakeholders has always been a priority.”
The bank has been meeting with community groups like the National Community Reinvestment Coalition during the process.
“It is good for regulators to scrutinize bank mergers to ensure they will benefit the communities affected by such deals,” NCRC Chief Executive Jess Van Tol said in an email Monday. “We are glad that this public hearing will give those communities a chance to share their thoughts on the proposed deal.”
