Bloomberg Law, June 20, 2024, Banks, Consumer Groups Tell US Regulators To Unify Merger Plans
Consumer advocates want the OCC to rescind Trump-era changes to the use of Community Reinvestment Act, a 1978 anti-redlining law, to inform merger reviews.
“The OCC’s proposed rule does not rescind harmful changes to merger application procedures adopted during the tenure of the former Comptroller Joseph Otting,” the National Community Reinvestment Coalition said in an April 23 letter.
The Americans for Financial Reform Education Fund said in an April 15 letter that the OCC is still too predisposed to approve deals, despite the focus on negative merger characteristics in the national bank regulator’s proposed policy statement.
