QUORUMCALL//GPT:
SENATOR SCRUTINY
Senators Elizabeth Warren and Richard Blumenthal are questioning the Office of the Comptroller of the Currency’s (OCC) approval of a merger between New York Community Bank and Flagstar Bank. The senators believe the merger could potentially harm low-income communities and minority homeowners.
THE CONCERNS
• Warren and Blumenthal argue that the banks have not sufficiently proven how they will continue to serve the needs of low and moderate-income neighborhoods, as required by the Community Reinvestment Act.
• The Senators are calling for more transparency in the approval process, requesting the OCC to provide detailed reasons for its decision.
TOPICS COVERED
#Banking #Mergers #CommunityReinvestmentAct
ABOUT THE SOURCE
American Banker is a daily trade newspaper and website covering the financial services sector, focusing on banking industry issues.
