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Page 21 - சுயாதீனமான சமூக வங்கியாளர்கள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Biden under pressure from progressives to end rubber stamp on bank deals

Biden under pressure from progressives to end ‘rubber stamp’ on bank deals POLITICO 1 hr ago By Leah Nylen © AP Photo/Susan Walsh Sen. Elizabeth Warren, D-Mass., left, and Sen. Sherrod Brown, D-Ohio, right, walk on Capitol Hill in Washington on Feb. 11, 2021. The last time the Justice Department challenged a bank merger was in 1985, around the time that compact discs and New Coke debuted. In the 36 years since, the U.S. has shed roughly 10,000 banks some from bank failures, but most through acquisitions that regulators and antitrust prosecutors at the Justice Department have blessed. Critics say that has led to higher fees for consumers, reduced access to banking services and increased concerns about risk to the financial system.

Lawmakers fret over backdoor entry to banking for big companies

Lawmakers fret over backdoor entry to banking for big companies Caitlin Reilly © Provided by Roll Call “If you want to be a bank, you need to be regulated like a bank,” says Rep. Blaine Luetkemeyer. Lawmakers from both parties are expressing concerns about potential risks posed by state-chartered industrial loan companies that can blend financial services and other commercial activities. At a hearing last week, they questioned whether the process sought by financial technology companies that have no history of taking deposits will give these companies a backdoor entry into banking that could exempt them from some oversight. Rep. Ed Perlmutter, D-Colo., said the entry of commercial companies into the financial services arena poses questions about “market fairness and financial stability.”

Unity Bank CEO appointed to ICBA large community bank council

In addition to helping shape and advocate the organization's national policy positions and programs, James Hughes does grassroots work in New Jersey and Pennsylvania to promote pro-community bank policies and serves as a liaison between community banks and Independent Community Bankers of America staff and leadership in Washington, D.C.

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