Patch, February 9, 2022, Inside The Fight To Make Banks Benefit Their Communities
The $8 billion merger, announced Sept. 21, 2021, would create California’s fifth largest bank, a $680 billion mega-corporation that would compete with giants like Bank of America and JPMorgan Chase. How the Biden administration responds to the merger will be a test of whether the administration intends to scrutinize bank consolidation rather than rubber stamp it.
In its opposition to the merger, the CRC has called attention to U.S. Bank branch closings in lower income neighborhoods and communities of color. The group cited a National Community Reinvestment Coalition study that showed U.S. Bank closed a quarter of its 643 California branches between 2017 and 2020. CRC fears the consolidation would bring additional closures, resulting in more people turning to high-cost check cashing and payday loans.
