Banks, Consumer Groups Tell US Regulators to Unify Merger Plans

Bank trade groups and backers of financial regulation urged the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to bring their closely watched merger review proposals into alignment.

The two federal banking regulators are both taking steps to increase their scrutiny of proposed bank tie-ups amid the Biden administration’s push to toughen antitrust scrutiny across a range of industries.

But each regulator is taking a distinct approach, with financial reform advocates backing the FDIC’s more aggressive stance. Bank trade groups opposed both proposals, but nevertheless urged a unified approach among federal supervisors.

“Inconsistencies between the ...