Winston-Salem Journal, February 4, 2024, Top Federal Banking Regulator Explores More Merger Transparency
Jesse Van Tol, president and chief executive of National Community Reinvestment Coalition, applauded the proposals, saying that “generations of misguided policy choices have left us with an inappropriately lax approach to merger review, where proposed deals were often cleared as though by default.
“The goal in rightsizing these processes is not to stymie corporate tie-ups, but to create a balanced and durable system that will ensure mergers help the economy work better for everyone,” Van Tol said. “No bank merger should be approved without a firm, tangible and enforceable set of pledges to use new market power for the benefit of marginalized communities. The law requires that mergers benefit the public — not just shareholders.”