The OCC proposed amendments to its rules, and a related policy statement, governing mergers involving (i) national banks, (ii) federal savings associations and (iii) federal branches and agencies of foreign banks.
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In testimony before the Senate Banking Committee, witnesses warned against the dangers of excessive concentration in banking, increased systemic risk resulting from bank mergers, and threats to small business.
Senator Elizabeth Warren (D-MA) urged banking agencies to “accelerate” updating the bank merger review guidelines following the bank failures in March 2023.
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.