Dem Bill Takes Aim at Bank Mergers, But Not Credit Union Deals

Contending that banking regulators have rubber-stamped thousands of mergers, two Democratic lawmakers have introduced legislation that would require a more thorough review of such deals.

The bill, introduced in the Senate by Sen. Elizabeth Warren, D-Mass. and in the House by Rep. Jesús “Chuy” García, D-Ill., does not include credit union deals in the list of mergers they believe should be more closely reviewed.

Banker–But No CU Official–to Testify at House Competition Hearing

A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks.

The Sept. 29 hearing of the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee, will not feature a representative of the credit union industry.

CU Trades Endorse CFPB Bill That’s All But Dead

Credit union trade groups once again are pushing a bill that would convert the Consumer Financial Protection Bureau into a five-member commission—a measure that has slim chances of being enacted in a Democratic-controlled Congress. The National Association of Federally-Insured Credit Unions and the Credit Union National Association joined banking trade groups and a group representing the payday lending industry in endorsing H.R. 4773, which was introduced by Rep. Blaine Luetkemeyer, R-Mo., the ranking Republican on the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. The legislation has long been a Republican talking point. However, House Financial Services Chairwoman