The Federal Deposit Insurance Corporation (FDIC) on Thursday proposed changes to its merger review practices. Jesse Van Tol, President and CEO of NCRC, released the following statement:
“The FDIC’s proposal is a huge step forward. In particular, it recognizes that the regulators obligation is to assess public benefit in a forward-looking way, not just rely on past compliance,” said Van Tol. “It also shifts the burden of proof to the applicant to demonstrate those benefits, along with requiring them to document adverse effects of the merger. That’s a promising start toward fulfilling President Biden’s goal of restoring competition and fairness across all sectors of our economy. I look forward to working with the agency to even further improve upon this strong opening bid.”
