Failing Bank Acquisition Fairness Act

This bill makes it harder for large banks to get special permission to buy failing banks when doing so would give them control of more than 10% of all insured deposits in the country. Right now, regulators can allow this if a bank is failing, but the bill adds new rules saying the purchase must be necessary to prevent serious economic problems and that no smaller, qualified buyer has offered to step in. The bill also sets standards for what counts as a qualified offer from a smaller buyer and requires regulators to explain to Congress why they allowed any exceptions.

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