Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter this week to Michael Hsu, Acting Comptroller of the Currency, expressing concerns about bank branch closures in low- to moderate-income communities. Brown’s letter follows news reports of bank closures in low-income communities and a report from Federal Reserve officials on the negative impact of banking deserts in rural, low-income, and minority communities.
“I am concerned about bank branch closures in low- to moderate-income (LMI) communities in Ohio and across the country,” wrote Brown. “I hope that your agency will work to prevent branch closures and encourage investment in LMI communities, and develop a new approach to bank merger reviews that supports access to traditional financial services and economic prosperity for all.”
In April, Brown sent a letter to the Office of the Comptroller of the Currency and the Federal Reserve urging them to ensure that bank mergers do not harm communities and small businesses. Brown also held the Committee’s annual oversight hearing with seven of the nation’s biggest banks to hold them accountable and ensure that they do right by their customers.
A copy of the letter is available here.
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