Exclusive: The White House plans to use a competition order to target bank mergers and financial data. According to a source familiar with the situation, President Joe Biden’s anticipated executive order to foster greater U.S. competition will target bank mergers by requiring the Federal Reserve and the Department of Justice to update merger criteria and strengthen inspection of agreements. According to the source, it would also seek the Consumer Financial Protection Bureau (CFPB) to adopt laws allowing consumers complete ownership over their financial data, making it easier for clients to move banks. After a spate of mergers fueled by the Trump administration’s more industry-friendly regulatory policies, the anticipated order, which is slated to be signed by Biden on Friday, is likely to cool M&A in the banking sector./n
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