Reporter Wings, February 28, 2022, Which vision for bank merger reform will win out?
Community development advocates, including the National Community Reinvestment Coalition, would also like to see regulators put a greater emphasis on the importance of bank branches in a given market or neighborhood in the wake of a potential merger.
“With the advent of the smartphone and the internet, the banking industry is undergoing profound change with more transactions occurring via mobile banking,” the NCRC said in its letter to the Justice Department. “Yet, the most complicated transactions such as account opening or an application for a loan will often involve in-person or phone conversations, particularly for low- and moderate-income people.”
