News Release: Senate Votes for More Too-Big-To-Fail Megabanks
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.