Bloomberg Law, September 19, 2024, Capital One-Discover Deal Hits Roadblock In Bank Merger Overhaul
The Fed hasn’t officially changed its merger policy. But even without a formal change, the central bank may ultimately apply tougher standards than in the past, when critics say the federal banking agencies were too quick to approve deals.
“Historically, the agencies changed merger review policy by approving or denying mergers,” said Jesse Van Tol, the president and CEO of the National Community Reinvestment Coalition and an opponent of the Capital One-Discover deal.
While the banking agencies are the primary authority on bank M&A, the DOJ has signaled an increased interest in regulating that space during the Biden administration.
