The $37.5 million penalty the Consumer Financial Protection Bureau levied against U.S. Bancorp over fake account allegations is raising questions about the timing of approval for the bank's planned acquisition of MUFG Union Bank NA.
When the companies announced the nearly $8 billion deal in September 2021, they initially expected it to close in the first half of 2022, but now they hope to close it in the second half of the year. Stephens Inc. analyst Terry McEvoy said it is possible the CFPB action could help clear the way for approval, but it could also mean additional time before getting the green light from regulators.
"Last week's CFPB fine, which went back over a decade, could represent a final component of the approval process or open the door for additional actions," McEvoy wrote in an email. "It's tough to say with any confidence."
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