By John Engen | 1/22/2024
“Bankers are waiting longer and they’re getting frustrated,” says Warren Tryon, a partner with Capitol Counsel, a Washington, D.C. lobbying firm that is working with some bankers on draft legislation to speed the approval process and enhance regulator transparency.
“These banks have employees and customers and investors, and they’re left hanging for months on end waiting for answers,” Tryon adds. “They can’t be living their lives on hold like that.”
Why the Hold-Up?
There are several reasons for the growing gap. In 2021, President Biden issued an executive order calling on regulators to provide “more robust” scrutiny of banking deals over concerns that “excessive consolidation raises costs for consumers, restricts credit for small businesses, and harms low-income communities.”
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