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.
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.