Acting Comptroller Issues Statement on RFI on Bank Mergers — 2021-12-14

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding the Request for Information on bank mergers. I support the view of the majority of the FDIC Board members that the Bank Merger Act (BMA) guidelines are ripe for review. I am particularly focused on the financial stability prong, given large bank merger trends and my experience in the 2008 financial crisis with too-big-to-fail firms. I voted for the Request for Information (RFI) on the BMA due to the inability to reach compromise and urgency on the financial stability issue, which I care deeply about. However, I am concerned that legal or procedural quicksand may ultimately limit our ability to act on this issue in a timely manner. I believe the views of the majority of the FDIC Board members should influence the Agency’s agenda and actions.