In a letter obtained by American Banker, the Senate Banking Committee chair called on the Federal Reserve and Office of the Comptroller of the Currency to reform their bank merger review processes.
Acting Comptroller of the Currency Michael Hsu said some large regional banks are at risk of becoming too big to fail, and the agency is considering ways to increase the resolvability of post-merger banks.
The Federal Deposit Insurance Corp. has submitted its request for information which asks whether banks should bear the burden of proof in merger applications and how much input the CFPB should have in approving deals to the Federal Register.
The Office of the Comptroller of the Currency's acting chief on Monday said banks can and should be giving climate change's longer-term financial risks the same kind of "objective" analysis they would be expected to give to nearer-term geopolitical risks such as Russia's invasion of Ukraine.