Creative Investment Research Testifies Regarding Proposed Merger of U.S. Bancorp and MUFG Union Bank

WASHINGTON - March 8, 2022 - PRLog -- The Federal Reserve Board and Office of the Comptroller of the Currency (OCC) held a public meeting on March 8, 2022, from approximately 11:00 a.m. – 7:00 p.m. EST on the proposed US Bank/Union Bank merger.

Our testimony notes that the proposed merger is a violation of several US banking laws:

Violation of 12 U.S. Code § 1842 (c) (1):

The acquisition would be in furtherance of a combination to monopolize the business of banking in the merged bank's service area and nationally, as evidenced by data provided by Creative Investment Research.

Violation of 12 U.S. Code § 1842 (c) (2):

The Federal Reserve Board has excluded certain authentic African American viewpoints, as indicated by the pettiness in scheduling our remarks last, relying on opinions from token industry participants and "community" organizations funded by banking entities (Community Reinvestment Fund, USA and the National Community Reinvestment Coalition), which has accelerated gentrification, are self-interested, biased, ethnically and ethically compromised, managed by and representing the interests of non-Black individuals.

In addition, The Federal Reserve has not "identified the effects of climate change" and the impediments to a low carbon economy transition that the merger will impose on society and the service area.

Violation of 12 U.S. Code § 1842 (c) (3):

The Fed is unable to regulate in the public interest, and, therefore, cannot appropriately supervise the resulting merged entity. The merged entity is thus unable to provide the Board with assurances that timely, accurate information on US Bank's operations and activities will be utilized in a manner consistent with the law's intent, since the Board itself may misuse whatever information is provided.

For our comments, see: https://drive.google.com/file/d/1np0ZR2hbfsQCthwQ5vv0xRW9...