Bank Competition Modernization Act

Key Points

• This bill tells bank regulators not to weigh monopoly and competition concerns for mergers that would create a bank or holding company under $10 billion in assets.
• It applies to deals involving banks, bank holding companies, and savings-and-loan holding companies when they merge, buy another firm, or take on another firm’s assets or debts.
• The $10 billion cutoff would rise over time, adjusted each year based on growth in the U.S. economy, using government GDP data.
• Supporters may say this could make it easier for smaller and mid-size banks to combine and compete with bigger banks; critics may worry it could still reduce local choices.
• For everyday customers, the main possible effect is fewer or larger local banks after more mergers—changing where you can bank, fees, and customer service, depending on your area.