Bank Merger Review Modernization Act of 2021

Bank Merger Review Modernization Act of 2021

This bill establishes additional requirements for bank mergers and acquisitions, including by requiring

• approval from the Consumer Financial Protection Bureau for certain mergers involving a provider of consumer financial products,
• financial regulators to determine that the public benefits of any merger outweigh the costs,
• specified community reinvestment ratings, and
• institutions to meet certain financial stability standards and stress testing.

Further, financial regulators must assess the competitive effects a merger will have on the market for certain financial products.

Additionally, applicants for a bank merger must disclose specified communications regarding the proposed merger.

The bill also provides citizens with standing to file a civil action to review a merger approval.