Brainard questions Fed approval of bank merger

Lael Brainard
Lael Brainard, Federal Reserve Board

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 [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: