Bank Competition Modernization Act
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Bank Competition Modernization Act changes how financial regulators evaluate bank mergers and acquisitions. Specifically, it reduces the scrutiny applied to mergers involving banks with less than $10 billion in assets, allowing these transactions to be approved without considering potential anti-competitive effects. The bill expands the list of entities regulators must consider when assessing these mergers, including various types of financial institutions and credit unions. It also modifies regulations for bank holding companies and savings associations to align with this approach.
Key provisions
- Reduces regulatory scrutiny for bank mergers involving institutions with less than $10 billion in assets.
- Expands the list of entities regulators must consider when evaluating mergers, including industrial loan companies, farm credit entities, nonbank financial companies, and credit unions.
- Modifies regulations for bank holding companies to include similar considerations.
- Updates regulations for savings associations to align with the changes for bank holding companies.
- Requires regulators to find that a merger would not create a monopoly or lessen competition if it results in an entity with less than $10 billion in assets.
Who is affected
- Banks
- Bank holding companies
- Savings associations
- Financial regulators
- Customers of banks and credit unions
Notable changes
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours