bank mergers Archives - Americans for Financial Reform

Analysis: Antitrust and Banking Agencies Must Block Capital One-Discover Merger

The $35 billion takeover bid would vault Capital One into 6th place among the biggest U.S. banks and create the largest U.S. credit card lender, ahead of current leader JPMorgan Chase. This new company could raise prices for cardholders, especially lower-income consumers and Black and Latine households and give Capital One the power to jack up debit card fees on merchants. In short, it would reinforce the megabank monopoly power that is already a serious problem in the American economy. The Biden administration must stand up for consumers, communities, and small businesses and block the Capital One-Discover merger.

News Release: Bank Regulators Need to Swiftly Act to Strengthen Bank Merger Guidelines

Today, 29 groups called on federal bank regulators to finally draft a plan to strengthen the merger guidelines to mitigate the adverse effects of bank consolidation, which include increased evictions, higher rates of debt collection, and decreased access to credit for consumers and businesses.

A pair of hands writing on paper with a pen

Letters to Regulators: Reject TD Bank and First Horizon Bank Proposed Merger

AFREF and CRL led a letter calling for the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to reject a proposed merger between TD Bank and First Horizon Bank.

Letters to Regulators: Comment Letter on DOJ’s Consideration of Whether to Strengthen the 1995 Bank Merger Competitive Review

AFREF sent a letter commenting on the U.S. Department of Justice’s consideration of whether to strengthen the 1995 Bank Merger Competitive Review.

gavel from a courtroom - Photo by Wesley Tingey on Unsplash

News Release: Federal Authorities Should Halt Bank Mergers Until Guidelines Are Strengthened

The federal authorities should halt all bank merger approvals until they strengthen the outdated guidelines that govern whether financial institutions can combine, according to a letter delivered today by 30 public interest organizations.

Letter to Regulators: Letter Calling on Regulators to Halt Bank Mergers

AFREF led a letter to regulators stating that the laissez-faire stance adopted by the Department of Justice and the federal bank regulators and current merger guidelines have hurt small businesses, community banks, and households, especially those in BIPOC communities. The letter urges regulators to temporarily halt consideration of pending bank mergers until the DOJ and banking agencies adopt a plan that strengthens the guidelines to protect consumers.

News Release: 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.