Dems Unveil Bill To Toughen Bank Merger Approval Process

Law360 (December 4, 2019, 5:59 PM EST) -- Congressional Democrats introduced legislation Wednesday that would overhaul the regulatory approval process for bank mergers, calling for an end to what they described as the "rubber stamping" of deals like the recent BB&T-SunTrust tie-up.

The Bank Merger Review Modernization Act aims to up the standards by which federal regulators evaluate potential combinations between financial institutions, which bill sponsors Sen. Elizabeth Warren, D-Mass., and Rep. Jesús “Chuy” García, D-Ill., say will curb harmful consolidation in the banking industry and shield consumers and the financial system from "too big to fail" institutions like the ones whose collapses spurred the 2008 financial crisis....

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