Tell the Federal Reserve to block further bank consolidation! Oppose the U.S.Bank and Union Bank merger

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Tell the Federal Reserve to block further bank consolidation! Oppose the U.S.Bank and Union Bank merger

Federal Reserve Bank & the OCC

CBB is opposing US Bank merging with Union Bank because it has refused to commit to protecting workers rights and consumers. After pressure from the Committee for Better Banks and other allies, the Federal Reserve and OCC (Office of the Comptroller of the Currency) have scheduled a hearing on March 8th on whether to allow U.S. Bank to acquire Union Bank. Sign our petition before March 8th and add your comments on why the merger should not be allowed!

As bank workers, we know firsthand how bank consolidation makes our work more stressful because of layoffs and branch closings (particularly in underserved neighborhoods), increased strain on customer servicing departments, and higher sales goals and more aggressive metrics. The resulting disruptions and confusion leaves customers worse off.

If allowed to go through, the merger would create the fifth largest bank in California, a $680 billion mega-corporation that would compete with banks like Bank of America and JPMorgan Chase. We want our banks to benefit the communities we serve, but this merger in particular presents risks to low-income and marginalized neighborhoods and should not be allowed.

The United States has lost 70% of its banks in the last four decades, due to mergers and consolidations. Despite a federal review process, no bank mergers have been denied in over 15 years. This has led to increased costs for consumers, restrictions on credit access, harm to lower-income communities—especially for communities of color. This era must come to an end, and we call on regulators to stand on the side of workers and communities.

Sponsored by

Committee for Better Banks

To: Federal Reserve Bank & the OCC
From: [Your Name]

I stand with bank workers and community allies in opposition to the proposed merger between U.S. Bank and Union Bank, and am disturbed by the trend towards further bank consolidation. Despite a federal review process, no bank mergers have been denied in more than a decade. It is time for this era of insufficient scrutiny to end.

US Bank has made no commitments to ensure this merger would be in the public interest. Bank consolidation results in job loss, branch closures in low income and underserved communities, increased sales pressure on frontline workers and worse customer service.

Large bank mergers must only be allowed after a thorough analysis of broader public impacts including bank workers’ rights, racial and gender employment bias, and the impact of future branch opening and closings on access to jobs and capital. We ask that the Department of Justice (DOJ) and bank regulators stand firmly on the side of workers in pursuit of their rights and protections and reject U.S. Bank's acquisition of Union Bank.