Regulators Seek to Halt Banking Monopolies

Consumer Advocates Welcome Review of Bank Mergers

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and FDIC Chair Martin Gruenberg yesterday issued a joint statement on the need for additional scrutiny of bank mergers. The effort is designed to prevent banking monopolies and the consolidation of banks that leads to “too big to fail” entities.

The statement by the regulators noted:

Effective implementation of the Bank Merger Act has deep implications for the…