FOR IMMEDIATE RELEASE: May 7, 2025

CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org

Senate Paves the Way for More Megabanks

Washington, DC – Patrick Woodall, Managing Director for Policy:

Today, the Senate Republicans rolled back a critical improvement to bank merger review, presenting a giant gift to Wall Street banks and corporate monopolists. The Senate overturned a tiny but critical regulatory change by the Office of the Comptroller of the Currency that eliminated two relics from over 25 years ago: the automatic approval of bank mergers and the expedited review of bank merger applications.

These deeply flawed 1996 regulations rubber-stamped bank mergers and ushered in a merger wave that massively consolidated the banking industry, created too-big-to-fail megabanks, and contributed to the 2008 financial crisis. Big banks won, but customers, small businesses, and communities faced higher prices and reduced choices.

The Senate just voted for more megamergers and less accountability for the biggest banks. The House should not make the same mistake.

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