Bank Merger Review Modernization Act of 2019

Bill Number

S 3213

Introduced

Jan 16, 2020

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Cosponsors

Topics

Accounting and auditing Bank accounts, deposits, capital Banking and financial institutions regulation Business records Civil actions and liability Community life and organization Competition and antitrust Consumer credit Consumer Financial Protection Bureau Corporate finance and management Economic performance and conditions Finance and Financial Sector Financial crises and stabilization Financial services and investments Government ethics and transparency, public corruption Government information and archives Government studies and investigations Legal fees and court costs Performance measurement Public participation and lobbying Unemployment

Full Text

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Summary

Bank Merger Review Modernization Act of 2019

This bill establishes additional requirements for bank mergers and acquisitions, including by requiring

approval from the Consumer Financial Protection Bureau for certain mergers involving a provider of consumer financial products,
financial regulators to determine that the public benefits of any merger outweigh the costs,
specified community reinvestment ratings, and
institutions to meet certain financial stability standards and stress testing.

Financial regulators must assess the competitive effects a merger will have on the market for certain financial products.

Applicants for a bank merger must disclose specified communications regarding the proposed merger.

The bill provides citizens with standing to file a civil action to review a merger approval.

Actions

Jan 16, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 16, 2020

Introduced in Senate

Amendments

Related Bills