WASINGTON – Washington banking regulators today formally opened a review of their bank merger policy. This policy examination comes after decades of bank consolidation resulting in a few banks controlling the majority of America’s deposits.
The full formal request from the Consumer Financial Protection Bureau is available here.
In response to the announcement, Bartlett Naylor, Public Citizen’s Financial Policy Advocate, issued the following statement:
“As iconic community banking drifts toward extinction, we welcome a review of a merger policy that has resulted in dangerous concentration by Wall Street behemoths. A better merger process can advance progress in many areas, as the law directs regulators to consider impacts on families and communities. For too long, Washington has simply rubber stamped all banking merger applications.”