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Bank Merger Review Modernization Act of 2019

Introduced: December 5, 2019 Introduced by: García, Jesús G. "Chuy" Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 5, 2019
Referred to the House Committee on Financial Services.
Dec 5, 2019
Sponsor introductory remarks on measure. (CR E1545)
Dec 5, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Bank Merger Review Modernization Act of 2019

This bill establishes additional requirements for bank mergers and acquisitions, including by requiring

  • approval from the Consumer Financial Protection Bureau for certain mergers involving a provider of consumer financial products,
  • financial regulators to determine that the public benefits of any merger outweigh the costs,
  • specified community reinvestment ratings, and
  • institutions to meet certain financial stability standards and stress testing.

Financial regulators must assess the competitive effects a merger will have on the market for certain financial products.

Applicants for a bank merger must disclose specified communications regarding the proposed merger.

The bill provides citizens with standing to file a civil action to review a merger approval.

What's happening now December 5, 2019

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3