Truthout, October 4, 2021, Warren Introduces Bill to Protect Bank Customers, Small Banks from Consolidation
Sen. Elizabeth Warren (D-Massachusetts) introduced a bill that would reform the way the government authorizes bank mergers. The proposal is an effort to stop the endless “rubber stamping” of bank consolidation, which Warren argues comes at the expense of customers and small banks.
“This bill is a long overdue step to ensure that bank mergers are good for the public,” said Jesse Van Tol, president of the National Community Reinvestment Coalition. “For decades, federal bank merger law has recognized that there must be a public benefit in terms of increased access to affordable credit. This bill finally spells out what banks must do to meet that requirement. Mergers should not be approved by regulators if the only benefit is a bigger and more profitable bank.”
