FOR IMMEDIATE RELEASE
Dec. 10, 2021
Americans for Financial Reform welcomes the FDIC’s action on reviewing bank mergers
Americans for Financial Reform welcomes the FDIC’s action on reviewing bank mergers. In the last 15 years, the federal bank regulators have rubber-stamped merger applications. This has led to unprecedented consolidation in the industry which has hurt consumers and small businesses, in the form of bank deserts and decreased lending to small businesses while lining the pockets of the banking executives. We look forward to commenting on ways to strengthen the bank merger guidelines to protect the interest of the communities they are supposed to serve.
We appreciate the majority on the Board taking this action, as permitted by statute, to advance this important policy matter.