S 2882
117th Congress
Senate
Finance and Financial Sector
Bank Merger Review Modernization Act of 2021
Introduced: September 29, 2021
Introduced by:
Warren, Elizabeth
Democratic
· Massachusetts
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 29, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 29, 2021
Introduced in Senate
Plain-English summary
Bank Merger Review Modernization Act of 2021
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.
Further, financial regulators must assess the competitive effects a merger will have on the market for certain financial products.
Additionally, applicants for a bank merger must disclose specified communications regarding the proposed merger.
The bill also provides citizens with standing to file a civil action to review a merger approval.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1