TD Bank Group's proposed acquisition of Memphis-based First Horizon Bank issues ahead of Thursday's public meeting, where community members will be given a forum to voice their views on the transaction. is.
A virtual meeting was convened jointly by the Federal Reserve and the US Office of the Comptroller of the Currency to consider a proposed $13.4 billion US deal.
The meeting comes at a time when TD has faced fresh criticism in recent months over its alleged aggressive sales strategy in the United States. Senator Elizabeth Warren has called for the merger to be blocked until the banks "take responsibility for it." abusive practices.
TD agreed to a $122 million settlement with U.S. regulators for illegal overdraft practices in 2021, but an investigative report released in May stated: It claims that problematic practices continue at the bank, which the bank vehemently denies.
Federal agencies also held a public meeting in mid-July on BMO's proposed $16.3 billion US acquisition of Bank of the West. Numerous community groups have called for the deal to be blocked until a strong community benefit agreement is reached.
The bank also faced criticism for the proportionately lower number of mortgages allocated to black and Latinx borrowers, while the large number of community loans funded by BMO The Group has expressed support for the transaction.
