Last year, we summarized our thoughts on the impact that Joe Biden’s presidency might have on the banking industry. Nearly a year into the administration, below is an updated overview of the emerging trends and expectations for the new year.
Strategic Initiatives
Greater scrutiny on mergers and acquisitions: On July 9, 2021, President Biden announced in an executive order that his administration will more closely scrutinize bank mergers. The order encourages the U.S. Attorney General, in consultation with federal banking agencies, to review oversight practices and adopt a plan by Jan. 5, 2022, for the revitalization of merger oversight under the Bank Merger Act and Bank Holding Company Act.
