Gratifying the Urge to Merge
Next week’s Financial Institutions Subcommittee meeting at HFSC on bank mergers will surely give GOP Members a chance to lay out the reasons many banks think current anti-merger policy is more than misguided. Republicans and their witnesses will surely argue that President Biden’s competition order (see Client Report MERGER6) quashes growth, that the FTC and DOJ guidelines prevent fair competition (see FSM Report MERGER13), that the OCC’s merger proposal is bad (see FSM Report MERGER14), and the FDIC’s is even worse (see FSM Report MERGER15). Progressive Democrats will side with Sen. Warren (D-MA), saying that the OCC hasn’t gone far enough and wanting still more from the FDIC’s policy along lines advocated by CFPB Director Chopra. Where do moderate Democrats come out and will this give bigger banks comfort that regional deals are doable? We’ll be listening, analyzing, advising.