Skip to content

U.S. Bank Regulators Tussle Over Effort to Scrutinize Mergers

  • FDIC chief balks at a plan announced by its own board members
  • FDIC’s Gruenberg, CFPB’s Chopra sought review on merger policy
FDIC Chairman Jelena McWilliams

FDIC Chairman Jelena McWilliams

Photographer: Al Drago/Bloomberg

The Federal Deposit Insurance Corp. issued an unusual statement Thursday that revealed an emerging rift between financial regulators, refuting a review of bank-merger policies announced on the Consumer Financial Protection Bureau website by FDIC directors. 

FDIC board member Martin Gruenberg and CFPB Director Rohit Chopra, whose board seat at FDIC is automatically granted to the head of his agency, posted a statement that the FDIC’s board voted to launch a public comment period on overhauling bank-merger regulations. The FDIC -- led by Chairman Jelena McWilliams, a Republican appointee of former President Donald Trump -- answered back that the board didn’t make that decision.