WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee blasted the Federal Reserve and FDIC for approving the merger BB&T and SunTrust Bank. The merger is the largest since the financial crisis, sending a signal that the agencies are open for business for further consolidation of the largest banks.
“The merger of BB&T and SunTrust, along with the agencies’ gutting of regulation, will further decrease competition among banks while increasing risks to the financial system, harming hardworking Americans. Banking regulators are playing with matches at the same time that they’re wrecking the fire department,” said Brown.
Along with approving the merger today, the Federal Reserve also took an enforcement action against SunTrust unfair and deceptive acts and practices against small businesses from 2013 to 2017.