U.S. House Committee on Financial Services, July 15, 2021, Waters Applauds President Biden’s Executive Order to Examine Bank Merger Practices, Urges Federal Reserve to Strengthen Merger Reviews
The Fed’s merger review process has other major deficiencies. Earlier this year, the Fed allowed PNC to grow to a $556 billion institution, despite a 2017 finding by bank regulators that PNC’s anti-money laundering practices were so flawed that it no longer met the standard for being “well-managed,” and despite PNC’s 2019 admission that it had lost track of certain stock holdings and fallen afoul of regulatory requirements. According to the National Community Reinvestment Coalition
