Acting Comptroller Of The Currency Issues Statement On RFI On Bank Mergers

Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding the Request for Information on bank mergers.

I support the view of the majority of the FDIC Board members that the Bank Merger Act (BMA) guidelines are ripe for review. I am particularly focused on the financial stability prong, given large bank merger trends and my experience in the 2008 financial crisis with too-big-to-fail firms.

I voted for the Request for Information (RFI) on the BMA due to the inability to reach compromise and urgency on the financial stability issue, which I care deeply about. However, I am concerned that legal or procedural quicksand may ultimately limit our ability to act on this issue in a timely manner.

I believe the views of the majority of the FDIC Board members should influence the Agency’s agenda and actions. As a Director on the FDIC Board, I will continue to consider each issue on its merits.