'The recent bank crisis underscores the urgency of strengthening the merger review process and reversing the dangerous trend of bank consolidation,' said SenWarren.
A top lobbyist for big U.S. banks is hearing more openness from government officials on the topic of mergers for midsize lenders in the wake of banking stress earlier this year. But the industry wants more than just talk.
"The problem, though, is that's easy to say," he added. "But you have to convince banks that in fact, you mean what you say." "I have long been concerned with bank concentration and your agencies' failures to curb the proliferation of banks that are 'too big to fail,'" the senator acknowledged, noting that none of the federal banking agencies have formally denied a bank merger application in over 15 years, and the U.S. Department of Justice has not challenged one in more than 35 years.
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