Big banks are getting even bigger, raising alarms in Washington

CNN2021-07-19

New York (CNN Business)Banks have been on a shopping spree for the past year — and that's raising some alarm bells in Washington. Senators Elizabeth Warren and Sherrod Brown have been critical of the ...

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精彩评论

LWayne
2021-07-19
LWayne
Of course, if not, expecting big banks become smaller and small banks become bigger?
- adarwitan:
  Haha agree. Like if you agree
- ckww:
  Hahaha... You got a point there.
MoonMoon
2021-07-19
MoonMoon
Aiyo. Big also scared, small also scared.
IsaacYap90
2021-07-19
IsaacYap90
Ok
Nevstar
2021-07-19
Nevstar
Too big is always a concern
- Leotrader:
  yea too big to fail
Mickeymoo
2021-07-19
Mickeymoo
Wohoo
- IsaacYap90:
  Ok
airui
2021-07-19
airui
Too big for own good
- IsaacYap90:
  Ok

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And Huntington Bancshares (HBAN) merged with TCF.\nMeanwhile, several other regional banking deals announced earlier this year are pending approval, including M&T Bank's (MTB) purchase of People's United (PBCT), the acquisition of Flagstar Bancorp (FBC) by New York Community Bancorp (NYCB) and a merger between Webster Financial (WBS) and Sterling Bancorp (SBT).\nCongress is partly responsible for bank merger bonanza\nThe frenetic pace of bank shotgun weddings is largely a result of changes in financial regulations over the past few years.\nIt's no coincidence that there have been a slew of bank mergers since lawmakers ruled in 2018 that banks had to have $250 billion in assets, and not \"just\" $50 billion, in order to be considered systemically important financial institutions (SIFIs) that are subject to more regulations.\nOnly a dozen US banks currently are large enough to get a SIFI designation, including JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Truist (TFC), US Bancorp (USB) and PNC.\nThe SIFI change from $50 billion to $250 billion opened the door for many mid-size banks to scoop up rivals without fear that they would suddenly be required to go through more strict and onerous oversight.\nBanks have took advantage of the change and began pairing up. The reasons for doing so are pretty obvious: Larger institutions can cut costs and improve efficiencies to boost profits.\nThe pandemic jump-started more deals, too. The Federal Reserve's emergency rate cuts have made it more difficult for banks to make money on loans since interest rates are near zero — and likely to stay there for the foreseeable future.\nThat was evident from the latest quarterly results of top banks that were reported this week. Revenue for the second quarter fell at JPMorgan Chase, Bank of America, Citi and BNY Mellon (BK) when compared with a year ago.\nChanges from DC on the horizon?\nBut it's not clear how much longer the bank M&A wave will last. It is worth noting that the most recent changes to bank laws in Washington were accomplished during the Trump administration and with a Republican-controlled Senate.\nPresident Biden recently signaled with a sweeping executive order that he intends to scrutinize mergers more closely than his predecessor.\nWarren, along with Democratic Congressman Jesus \"Chuy\" Garcia, also introduced a Bank Merger Review Modernization Act bill in December 2019 that could possibly be reintroduced now that the Democrats have a slim majority in the Senate due to a tie-breaking vote from Vice President Harris.\nThe goal of the Warren-Garcia legislation is to \"end rubber stamping of bank merger applications.\"\nThat's likely to get a sympathetic ear from Brown, the Ohio senator who is chair of the Senate's Banking, Housing, and Urban Affairs Committee.\nBrown grilled Federal Reserve chairman Jerome Powell Thursday about bank mergers during Powell's appearance before the committee for his semiannual testimony about the economy.\n\"We can't let big banks merge into bigger and bigger megabanks, making it harder for small banks to compete and leaving rural and Black and brown communities behind,\" Brown said in his prepared remarks to Powell.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":173520695,"gmtCreate":1626671447517,"gmtModify":1631893718284,"author":{"id":"3564307384077743","authorId":"3564307384077743","name":"LWayne","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3564307384077743","authorIdStr":"3564307384077743"},"htmlText":"Of course, if not, expecting big banks become smaller and small banks become bigger?","listText":"Of course, if not, expecting big banks become smaller and small banks become bigger?","text":"Of course, if not, expecting big banks become smaller and small banks become bigger?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173520695","repostId":1101408121,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5259820,"gmtCreate":1626671693449,"gmtModify":1631893718312,"authorId":3584621187072900,"author":{"id":3584621187072900,"idStr":"3584621187072900","authorId":3584621187072900,"name":"adarwitan","avatar":"https://static.tigerbbs.com/2e1efc815108940f96249adf530f9ee9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":173520695,"type":1,"supId":5259800,"prevId":0,"content":"Haha agree. Like if you <u>agree</u>","text":"Haha agree. Like if you <u>agree</u>","html":"Haha agree. Like if you <u>agree</u>"},{"id":5259800,"gmtCreate":1626671478315,"gmtModify":1631893718287,"authorId":3581586523786578,"author":{"id":3581586523786578,"idStr":"3581586523786578","authorId":3581586523786578,"name":"ckww","avatar":"https://static.tigerbbs.com/bc2cc1ef6533d547201ce880e7c04b9c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":173520695,"type":1,"supId":0,"prevId":0,"content":"Hahaha... You got a point there.","text":"Hahaha... You got a point there.","html":"Hahaha... 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Big also scared, small also scared.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173567209","repostId":1101408121,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":173561425,"gmtCreate":1626670848067,"gmtModify":1633925041665,"author":{"id":"3583568085402852","authorId":"3583568085402852","name":"IsaacYap90","avatar":"https://static.tigerbbs.com/40f66d0266826bb209ee22688d7bbde5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583568085402852","authorIdStr":"3583568085402852"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173561425","repostId":1101408121,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":173569399,"gmtCreate":1626670583211,"gmtModify":1633925043255,"author":{"id":"3582459988054864","authorId":"3582459988054864","name":"Nevstar","avatar":"https://static.tigerbbs.com/c898e737b1498464bc1186d62dba484b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3582459988054864","authorIdStr":"3582459988054864"},"htmlText":"Too big is always a concern","listText":"Too big is always a concern","text":"Too big is always a concern","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173569399","repostId":1101408121,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5259846,"gmtCreate":1626671912569,"gmtModify":1635226213871,"authorId":3581849508907303,"author":{"id":3581849508907303,"idStr":"3581849508907303","authorId":3581849508907303,"name":"Leotrader","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":173569399,"type":1,"supId":0,"prevId":0,"content":"yea too big to <u>fail</u>","text":"yea too big to <u>fail</u>","html":"yea too big to <u>fail</u>"}],"langContent":"EN"},{"id":173560992,"gmtCreate":1626670500316,"gmtModify":1633925044365,"author":{"id":"4087284481719430","authorId":"4087284481719430","name":"Mickeymoo","avatar":"https://static.tigerbbs.com/3c3b4f6a0ebfafdaf3ff0e10f80a728f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087284481719430","authorIdStr":"4087284481719430"},"htmlText":"Wohoo","listText":"Wohoo","text":"Wohoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173560992","repostId":1101408121,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5259737,"gmtCreate":1626670862509,"gmtModify":1635226222042,"authorId":3583568085402852,"author":{"id":3583568085402852,"idStr":"3583568085402852","authorId":3583568085402852,"name":"IsaacYap90","avatar":"https://static.tigerbbs.com/40f66d0266826bb209ee22688d7bbde5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":173560992,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":173585393,"gmtCreate":1626670278512,"gmtModify":1633925047384,"author":{"id":"3581576839798351","authorId":"3581576839798351","name":"airui","avatar":"https://static.tigerbbs.com/649373f766e45b35900d7f00f5129f3e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581576839798351","authorIdStr":"3581576839798351"},"htmlText":"Too big for own good","listText":"Too big for own good","text":"Too big for own good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173585393","repostId":1101408121,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5259738,"gmtCreate":1626670870917,"gmtModify":1635226221932,"authorId":3583568085402852,"author":{"id":3583568085402852,"idStr":"3583568085402852","authorId":3583568085402852,"name":"IsaacYap90","avatar":"https://static.tigerbbs.com/40f66d0266826bb209ee22688d7bbde5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":173585393,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":196,"commentSize":17,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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