On Thursday, May 2nd, the Revolving Door Project, in conjunction with the Demand Progress Education Fund and Color for Change, submitted a comment to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System Board of Governors regarding the proposed merger between Branch Banking and Trust Company (BB&T) and SunTrust Bank. This comment raised numerous concerns related to the implications of this merger, the largest since the financial crisis, and the integrity of the process by which it will be approved. We believe that these concerns warrant an elevated level of scrutiny for this merger.
We cannot, however, express confidence that the FDIC or the Federal Reserve will engage in the sort of careful examination that this merger deserves. For this reason, the organizations listed above and the Center for Popular Democracy have also submitted a letter to members of the House Financial Services Committee and the Senate Committee on Banking, Housing and Urban Affairs. The letter asks committee members to conduct oversight of this merger. It is essential that lawmakers ensure the integrity of the merger review process for the sake of safeguarding public trust in our regulatory institutions.
Please find the full letter here.