American Banker, March 8, 2022, Community groups withhold support of U.S. Bank-Union Bank deal — for now
Key community groups told regulators Tuesday that they aren’t yet supportive of U.S. Bancorp’s pending acquisition of MUFG Union Bank, as they engage in negotiations to establish a series of tangible public benefits.
Before regulators approve any merger, they should require a “forward-looking commitment that demonstrates clearly significant public benefits,” Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, said at Tuesday’s hearing. He thanked Cecere and other U.S. Bank officials for engaging with community groups, telling regulators that the talks have been “productive, but they are not yet resolved.”
