Business & Finance

Reuters exclusively reports White House to target bank mergers, financial data with competition order

Reuters exclusively reported that President Joe Biden’s planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals. It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks. The planned order is likely to chill M&A in the banking sector after a rash of deals unleashed by the Trump administration’s more industry-friendly regulatory policy.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: EquitiesFinancial Services
Regions: Americas
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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