S.3213 - Bank Merger Review Modernization Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Warren, Elizabeth [D-MA] (Introduced 01/16/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 01/16/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3213 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (01/16/2020)
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.