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Sen. Warren Calls For Scrutiny Of TD Bank’s Proposed Merger

By  |  June 15, 2022
banking system

United States Senator Elizabeth Warren (D-Mass.) and Representatives Katie Porter (D-Calif.) and Jesús Chuy García (D-Ill.) sent a letter to the Acting Comptroller of the Currency Michael Hsu about a recent Capitol Forum report revealing unchecked fraud and abuse at TD Bank, which is currently seeking approval for a merger with First Horizon.

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    The lawmakers are urging Hsu to release the findings of a 2016-2017 investigation by the Office of the Comptroller of the Currency (OCC) which reportedly detected the bank’s misconduct, to examine any ongoing wrongdoing, and to block any merger until TD Bank is held responsible for its abusive practices.

    “As TD Bank seeks approval from your agency to increase their market share and become the sixth-largest bank in the U.S., the OCC should closely examine any ongoing wrongdoing and block any merger until TD Bank is held responsible for its abusive practices,” wrote the lawmakers.

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