General World News

Bank groups: CFPB should keep nose out of bank mergers

A banking regulatory agency asked whether the Consumer Financial Protection Bureau should be involved in deciding whether to green light bank mergers.

The industry’s answer? A resounding “No.”

Trade groups such as the American Bankers Association and the Independent Community Bankers of America, say that doing so would be beyond the scope of the CFPB, which has authority over certain industries, including mortgage, as well as lenders with more than $10 billion in assets.

The pushback from banks came after the Federal Deposit Insurance Corporation (FDIC) announced it is mulling changes to regulations that govern bank merger transactions and details ⇒

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