October 09, 2014
Federal Reserve Board releases answers to frequently asked questions regarding competitive review process for bank acquisitions, mergers, and other transactions
For release at 3:00 p.m. EDT
The Federal Reserve Board on October 9 released answers to frequently asked questions (FAQs) regarding the competitive review process for bank acquisitions, mergers, and other transactions.
The FAQs provide answers to questions often raised by banking organizations considering filing applications and explain changes to the application process mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs, which were developed jointly with the Department of Justice, also cover factors considered by both agencies in conducting competitive analysis for bank applications.
By law, both the Federal Reserve and the Department of Justice are required to analyze bank merger applications to ensure, in part, that the proposed transactions do not raise competitive concerns. The Federal Reserve has the authority to deny applications on these or certain other grounds, while the Department of Justice can use its prosecutorial discretion to challenge specific applications that raise competitive concerns.
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