Waters Statement on Proposed Acquisition of BBVA USA by PNC
Washington, DC, November 18, 2020
Tags: Full Committee
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement on the news that PNC Financial Services Group, Inc. (“PNC”) plans to acquire BBVA USA Bancshares.
“The proposed acquisition of BBVA USA Bancshares by PNC would create the fifth largest bank in the United States. For far too long, regulators and the Department of Justice have rubber-stamped these kind of mergers. I and other Democrats have repeatedly warned that the Trump Administration’s deregulatory actions would result in a wave of mergers and bank consolidation and now here we are, one year after the approval of the BB&T-SunTrust merger, with another megabank in the making. This month, the American public resoundingly rejected Trump’s harmful deregulatory agenda by voting for President-elect Biden.
In July of 2019, Chairwoman Waters convened a full Committee hearing on the SunTrust/BB&T merger entitled, “The Next Megabank? Examining the Proposed Merger of SunTrust and BB&T.”