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Bank Merger Review Modernization Act of 2019

2/8/2022, 11:25 PM

Congressional Summary of S 3213

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 S 3213

Bill S 3213 is currently in the status of Bill Introduced since January 16, 2020. Bill S 3213 was introduced during Congress 116 and was introduced to the Senate on January 16, 2020.  Bill S 3213's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 16, 2020

Bipartisan Support of Bill S 3213

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

Policy Area and Potential Impact of Bill S 3213

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 S 3213

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

Comments

Sponsors and Cosponsors of S 3213

Elizabeth Warren
Elizabeth Warren
MassachusettsDemocrat

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