A crackdown is coming at a particularly awkward time for the financial industry: bankers are pressing government authorities to approve mergers and acquisitions at one of the fastest clips since the 2008 financial crisis and to get their paydays linked to those deals, more executives may feel pressure to resolve government claims.
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The Indiana company told investors that it’s ready to complete its combination with First Midwest Bancorp but that it’s unclear whether a recently filed mortgage discrimination lawsuit will get in the way of Fed approval.
The Indiana company told investors that it’s ready to complete its combination with First Midwest Bancorp but that it’s unclear whether a recently filed mortgage discrimination lawsuit will get in the way of Fed approval.
Executives at Umpqua Holdings and Columbia Banking System said the deal could progress more slowly than usual because of a perceived approval backlog at the Federal Reserve. The two Pacific Northwest-based banks are seeking to combine into a $50 billion-asset company.