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Reuters exclusively reports White House to target bank mergers, financial data with competition order

Business & Finance

Reuters exclusively reported that President Joe Biden’s planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals. It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks. The planned order is likely to chill M&A in the banking sector after a rash of deals unleashed by the Trump administration’s more industry-friendly regulatory policy.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: EquitiesFinancial Services

Regions: Americas

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

Reuters

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