the data here show that regulators have no credibility on mergers, and sure, there are rules under which you review mergers, but in practice, for 15 years now, this has turned into...
Not only does that leave consumers extremely vulnerable to scam artists and to fraudsters, it also leaves them vulnerabl...
I agree with you on this, and that is why I am very glad to see that the CFPB has begun taking steps to strengthen and t...
This is a very important Subcommittee, and I am glad to be part of it under your leadership.
Our regulators have a job to do, and it is our job here in Congress to make sure that they do it.
That is why I was happy to see that President Biden's Competition Executive order called on the banking agencies to reva...
Are banking agencies like yours currently required to reject mergers when the resulting bank will be bigger or more comp...
I can tell you the banks, especially small banks, really desperately want to comply.
This results in more concentration and higher costs for consumers, and it increases systemic risks for our financial sys...
So money in these accounts are more like cash in your wallet than like money in a bank account.
Merger review has become the definition of a rubber stamp, and the banks know it.