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The Justice Department announced that it is withdrawing its 1995 bank merger guidelines, saying its 2023 merger guidelines for all industries will be its sole and authoritative policy.
Banking Addendum: The DOJ also released an addendum explaining the application of the 2023 guidelines to banking. This commentary identifies competition issues that may commonly occur in bank mergers and outlines guidelines that inform analysis of those issues.
Banking Impact: The guidelines note that industries trending toward consolidation may be subject to additional scrutiny, indicating bank mergers could receive stricter review.
ICBA View: In a comment letter last year, ICBA urged the DOJ to continue using its practice of reviewing bank mergers according to its distinct set of bank merger guidelines, rather than applying “horizontal” guidelines that apply to multiple industries, given its limited role in reviewing bank mergers.
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Thanks to Independent Community Bankers of America (ICBA) advocacy, the FDIC today approved a new statement of policy on bank mergers that for the first time explicitly states that additional scrutiny may be needed for deals involving tax-exempt credit unions.
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Sep 17, 2024
ICBA Rural America and Agriculture Committee Chairman Gus Barker is scheduled to testify before Congress this week on streamlining and coordinating support for rural small businesses.
ImageSep 17, 2024
More than 40 private-sector companies will join a group of central banks in Project Agorá, which will explore how tokenization and a wholesale central bank digital currency could enhance cross-border payments.
ImageSep 17, 2024
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