The FDIC proposed amendments to its Statement of Policy on Bank Merger Transactions relevant to all insured depository institutions.
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The Federal Reserve Board approved UBS Group AG's application to acquire the U.S. subsidiaries of Credit Suisse Group AG.
The FDIC entered into a purchase and assumption agreement with Flagstar Bank, N.A. to sell most deposits and certain loan portfolios of Signature Bridge Bank, N.A.
Federal Reserve Board Governor Michelle W. Bowman addressed the need for a “transparent regulatory posture” in order to foster innovation in the banking system and address concurrent risk.
FRB Governor Michelle W. Bowman said that increasing delays in the review and processing of bank merger applications may result in increased operational risk, employee retention issues, reputational risk, and the additional costs associated with running two institutions in parallel over an extended period of time.