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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The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.
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.
U.S. Assistant Attorney General for the Antitrust Division Jonathan Kanter questioned whether the 1995 bank merger guidelines are "adequate to measure and assess the many different dimensions of competition that exist today," in light of "an industry that has experienced some recent turmoil."