Those who encourage banking consolidation for private gain fail to recognize its significant societal cost in decreasing access to financial services, ICBA President and CEO-elect Rebeca Romero Rainey wrote in a new op-ed.
Responding to an American Banker op-ed that said the United States would be better served with half as many banks, Romero Rainey wrote that we should be encouraging not mergers that shrink the size of the industry, but new entrants that will expand it.
“We’ve consolidated enough,” Romero Rainey wrote. “Instead, tailoring our regulatory system and easing the compliance burden will help promote access to financial services that puts customers and local communities first.”
Read Romero Rainey’s Op-Ed