Applauds FDIC House Actions on Bank Mergers

“We applaud today’s House passage of the Congressional Review Act resolution nullifying the OCC’s flawed bank merger rule, and we thank Rep. Andy Barr for leading this effort. This action, along with the companion resolution led by Sen. John Kennedy and passed by the Senate, will provide regulators with the opportunity to reenvision the framework governing bank mergers so that it more effectively promotes competition while allowing banks to better serve their customers. We look forward to President Trump signing this important resolution into law.

“We also welcome today’s FDIC Board vote to rescind last year’s flawed merger policy statement. We hope this rescission, along with the OCC’s recent action on mergers, provides regulators an opportunity to ensure future decisions on bank merger applications are made promptly and are subject to clear standards. We look forward to working with policymakers as they develop a revised merger framework that will strengthen our financial system and enable banks of all sizes and business models to flourish.”

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The American Bankers Association is the voice of the nation’s $24.1 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.2 trillion in deposits and extend $12.7 trillion in loans.

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