The biggest proposed bank merger since the 2008 financial crisis is drawing flak from Elizabeth Warren and other key Democrats, who warn that it could create another institution so large that its failure would threaten the economy
CHARLOTTE, N.C. — The biggest proposed bank merger since the 2008 financial crisis is drawing flak from Sen. Elizabeth Warren and other key Democrats, who warn that it could create another institution so large that its failure would threaten the economy.
Waters, a California Democrat who chairs the House Financial Services Committee said the proposed merger “raises many questions and deserves serious scrutiny from banking regulators, Congress and the public to determine its impact and whether it would create a public benefit for consumers.”Sign Up SunTrust CEO William Rogers, at the hearing in Charlotte, argued that his bank and BB&T don’t engage in the kind of complex activities found in their largest competitors, so the new lender’s size should not cause concern.
The Federal Reserve and FDIC will determine whether to approve the proposed deal, looking at a number of factors, including financial stability, effects on competition and community needs.
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