Brainard questions Fed approval of bank merger
The Federal Reserve Board permitted PNC, the US’s twelfth-largest bank, to purchase the US operations of Spanish bank BBVA on May 14. Board member Lael Brainard abstained on the measure, which passed 5-0.
In a statement, Brainard expressed concern about “increases in banking concentration in the $250 to $700 billion asset size category, where common-sense safeguards have been weakened”.
Randal Quarles, the Fed’s vice-chair for supervision, backed the merger. In a brief statement, he said it
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com