ABA Applauds Senate Disapproval of OCC’s Final Rule on Bank Mergers

"ABA has long believed that bank mergers should be subject to clear and transparent standards, and that regulators should act in a timely and fair manner when considering applications. Unfortunately, the final rule the OCC approved last September created unhelpful and biased new standards - including arbitrary asset thresholds - without providing the clarity and predictability that banks and their customers need.

"We applaud today's Senate passage of the Congressional Review Act resolution nullifying the OCC's merger rule and thank Sen. Kennedy for his leadership on this important issue. We now urge the House to quickly pass the companion resolution introduced by Rep. Andy Barr so regulators can correct this flawed rule and establish a new framework that reflects today's financial services landscape and promotes competition that strengthens our financial system."

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $24.1 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.2 trillion in deposits and extend $12.7 trillion in loans.