WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with today’s filing of a comment letter to the Office of the Comptroller of the Currency (OCC) in response to its Interim Final Rule on bank merger oversight:

“The OCC’s changes to its merger policy prioritize the interests of the banking industry and the potential for banks to increase profits over what is best for consumers and financial stability. The OCC has ignored the very real harm that results from mergers, which concentrate power in larger banks, eliminate consumer choice, increase consumer costs, and remove community banks that lend and invest in local communities across America.

“Less than one year ago, the OCC went through a prudent, judicious, and appropriate deliberative process that led to the approval of the 2024 Final Rule. Now the OCC, under new leadership has rescinded the 2024 Final Rule to make the merger process easier for the banks.

“The OCC has a track record of poor decisions with mergers, with the merger of Capital One and Discover approved on April 18, 2025, as the most recent example. That merger reduces competition, provides less consumer choice, enables higher fees and costs, and causes job losses.

“Not all mergers are bad. Some mergers, particularly between community banks, can be beneficial for local communities, consumers, and small businesses. This is why we need a strong and comprehensive rule to spot and support the good mergers, while stopping the ones that grow the already too-big-to-fail banks or reward banks that have a track record of discrimination, poor management, etc.

“We urge the OCC to reconsider and reverse its decision to rescind the 2024 final rule.”

The Comment Letter is available here.

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