[ [link removed] ]Tell the FDIC: Block the BB&T/SunTrust merger

Petition to Federal Deposit Insurance Corporation Chair Jelena McWilliams:
"Ensure that the full FDIC board, including Democratic commissioners,
investigates the proposed merger of BB&T and SunTrust – and blocks this
disastrous merger from taking place."

Add your name:

[ [link removed] ]Sign the petition ►

Dear John,

[ [link removed] ]Block the BB&T /
SunTrust merger

A decade after their fraud destroyed the global economy, Wall Street
megabanks are bigger than ever. But instead of working to break them up,
Washington opened the door to a brand new big bank merger.

Last year, corporate Democrats teamed up with Republicans to help Wall
Street get rid of a bunch of tough banking rules. It is no coincidence
that southern banking giants BB&T and SunTrust announced a planned merger
only a few months later. If SunTrust and BB&T merge, the new bank would be
one of the largest in the United States and far larger than some of the
institutions that caused the financial crash.^1

The Federal Deposit Insurance Corporation must approve the merger before
it goes through. Sen. Sherrod Brown is pressuring the FDIC to fully
investigate and oppose the BB&T/SunTrust merger, and he needs our help.^2

[ [link removed] ]Tell the FDIC: Block the BB&T/SunTrust merger. Click here to sign the
petition.

SunTrust and BB&T lobbied hard for the Senate to cut regulations on banks,
including by funneling money to Senate Democrats and Republicans.
Advocates and CREDO members fought the proposal, warning that it would
pave the road to greater bank consolidation. Soon after the Senate
stripped the rules, BB&T and SunTrust proved progressives right by turning
around and announcing their proposed merger.^3

This mega-merger would be the largest bank merger since the financial
crash. The new company – which will be called Truist – would be the sixth
largest bank in the country. Bank consolidation means bankers spend more
time speculating and gambling to line their own pockets, instead of
investing in the real economy. The two banks currently compete in
overlapping markets, meaning any merger would eliminate competition and
hurt workers and consumers. The combined assets of BB&T and SunTrust would
far outweigh those of two institutions at the heart of the crisis,
Washington Mutual and Countrywide Financial, at the time of the economic
collapse.^4

BB&T and SunTrust want to create a new too-big-to-fail bank to make their
executives and elite shareholders rich at the expense of the rest of us.
The Federal Deposit Insurance Corporation is responsible for assessing the
merger and regulating any resulting company. But Trump is trying to
sabotage the FDIC by stalling on nominating the Democratic candidates.^5
Sen. Brown is demanding a full-board investigation into the merger in part
to put pressure on the Trump administration to fulfill its
responsibilities and ensure that Republican appointees cannot
singlehandedly approve the proposal. We need to stand with Sen. Brown –
and raise our voices to demand that the FDIC oppose this bank mega-merger.

Tell the FDIC: Block the BB&T/SunTrust merger. Click below to sign the
petition:

[ [link removed] ][link removed]

Thank you for speaking out,

Heidi Hess, Co-Director
[ [link removed] ]CREDO Action from Working Assets

Add your name:

[ [link removed] ]Sign the petition ►

References:

 1. Sen. Sherrod Brown, "[ [link removed] ]Brown: Full FDIC Board Must Consider Impact of
BB&T and SunTrust Merger," April 23, 2019.
 2. Ibid.
 3. Sam Knight, "[ [link removed] ]Senate Democrats Enabled the Biggest Bank Merger Since
the 2008 Crash," TruthOut, March 10, 2019.
 4. Sen. Brown, "[ [link removed] ]Brown: Full FDIC Board Must Consider Impact of BB&T
and SunTrust Merger."
 5. David Dayen, "[ [link removed] ]The 'Shelby Mafia' is muscling through a major new
bank merger," The Intercept, April 24, 2019.

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