CFPB Director Rohit Chopra decried the trend toward bank consolidation and proposed reforms to bank merger policy.
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The FDIC proposed amendments to its Statement of Policy on Bank Merger Transactions relevant to all insured depository institutions.
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.
The FDIC proposed amendments to the Federal Deposit Insurance Act to allow certain individuals who have prior convictions to work for FDIC-insured financial institutions.
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.