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Bank Merger Review Modernization Act of 2019

10/28/2022, 1:46 AM

Congressional Summary of HR 5318

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.

Read the Full Bill

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Current Status of Bill HR 5318

Bill HR 5318 is currently in the status of Bill Introduced since December 5, 2019. Bill HR 5318 was introduced during Congress 116 and was introduced to the House on December 5, 2019.  Bill HR 5318's most recent activity was Referred to the House Committee on Financial Services. as of December 5, 2019

Bipartisan Support of Bill HR 5318

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
3
Democrat Cosponsors
3
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5318

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Accounting and auditing
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business records
- Civil actions and liability
- Community life and organization
- Competition and antitrust
- Consumer Financial Protection Bureau
- Consumer credit
- Corporate finance and management
- Economic performance and conditions
- Financial crises and stabilization
- Financial services and investments
- Government ethics and transparency, public corruption
- Government information and archives
- Government studies and investigations
- Legal fees and court costs
- Performance measurement
- Public participation and lobbying
- Unemployment

Alternate Title(s) of Bill HR 5318

Bank Merger Review Modernization Act of 2019
To amend certain banking laws to establish requirements for bank mergers, and for other purposes.
Bank Merger Review Modernization Act of 2019

Comments

Sponsors and Cosponsors of HR 5318

Jesús G. "Chuy" García
Jesús G. "Chuy" García
IllinoisDemocrat
Rashida Tlaib
Rashida Tlaib
MichiganDemocrat
Janice D. Schakowsky
Janice D. Schakowsky
IllinoisDemocrat
Eleanor Holmes Norton
Eleanor Holmes Norton
District of ColumbiaDemocrat

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