"Market realities have shifted, and when we apply the law, we have an obligation to ensure we are addressing the world as it exists today," he added. "Bank competition affects the interest you earn on your savings account, the monthly payment on your mortgage or your car loan, or the fees you pay to withdraw cash from an ATM," he said. For example, he noted that customers now have access to several types of banks that cater to different needs and clientele, and that customers must retain "meaningful choice." Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. to question whether the 1995 guidance sufficiently reflects current market realities," he said in a speech at the Brookings Institution, a think tank. Jonathan Kanter, the DOJ's assistant attorney general for antitrust, said the agency's guidelines, which were last updated in 1995, may be overly narrow given the technology-driven reach of financial services now. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals.
0 kommentar(er)
