Banking with Interest What the Hell is Going On, Part II: Merging OCC, FDIC?
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Feb 26, 2025 Evan Weinberger, a banking correspondent at Bloomberg Law, dives into the controversial plan to merge the FDIC's oversight into the OCC without Congress's green light. He discusses the potential fallout for community banks and the evolving dynamics within these regulatory bodies. Weinberger highlights concerns about transparency, the historical trust in the FDIC, and the balance of power between Congress and the executive branch. He also shares insights on ongoing lawsuits affecting federal employees and the political landscape surrounding banking regulations.
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Potential Agency Merger
- The Trump administration's attempt to merge the FDIC and OCC administratively raises concerns.
- This suggests a preparation for merging these agencies, possibly along with some CFPB holdovers.
Public Concern about FDIC Changes
- Changing the FDIC's branding could cause public concern about deposit safety.
- People have emailed Evan Weinberger, worried about their money's safety.
Rushed Approach to Merging Agencies
- The rushed approach to merging agencies lacks the measured process of past legislative changes.
- This administrative approach overlooks crucial aspects like bank supervision and the potential creation of a two-tiered banking system.