Amid growing concern about corporate consolidation, the Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund are leading a letter calling for the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to reject a proposed merger between TD Bank and First Horizon Bank. Their comment letter points to several reasons why regulators should deny the application, including TD Bank’s exceptionally poor treatment of consumers and an exacerbation of the “too-big-to-fail” problem if the merger is approved.
Co-signatories are Alaska PIRG, American Economic Liberties Project, California Reinvestment Coalition, Center for LGBTQ Economic Advancement and Research (CLEAR), Demos, People’s Action, The Revolving Door Project, Virginia Organizing, and the Woodstock Institute. A copy of the letter was shared with the Assistant Attorney General for the Antitrust Division at the U.S. Department of Justice (DOJ), Jonathan Kanter.