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Senate Committee Hears Dangers of Bank Mergers, CUNA Asks for FOM Expansion

Testimony at the hearing provides examples of how the big banks have abandoned numerous communities.

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Members of the Senate Banking, Housing and Urban Affairs subcommittee listened to testimony Wednesday from experts who said banking mergers and subsequent branch closures have had “disastrous consequences” for communities and small businesses. CUNA officials stated there’s an opportunity for credit unions to step in to help those communities if Congress would pass legislation to expand the field of membership rules.

The Director of Policy and Advocacy with the American Economic Liberties Project, Morgan Harper, testified that the consolidation of power and money the top banks have achieved over the years from mergers, acquisitions and branch closures has created an unfair banking system. “To put it bluntly: In recent decades, bank regulators have failed to enforce antitrust laws and these statutes in the banking sector, to the detriment of small businesses, consumers, entrepreneurs and the stability of our economy overall,” Harper said.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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