Reuters, July 20, 2023, US consumer watchdog warns no more ‘rubber stamp’ for bank mergers
US lenders hoping for easy merger approvals in the wake of the March banking crisis should instead expect tough scrutiny from regulators worried about financial stability, the director of the Consumer Financial Protection Bureau (CFPB) told Reuters.
“Banks can expect a more rigorous review of applications. The ink on the rubber stamp has dried up and… my hope is to see a shift from the regulators of moving from cheerleader to umpire,” said Chopra, who also sits on the board of the Federal Deposit Insurance Corporation (FDIC), which plays a central role in the bank merger approval process.
