a question lingers emergency auction of first republic bank At the heart of this week is whether giant bidder JPMorgan Chase & Co. will be granted a rare exception to rules that prohibit banks that have more than 10% of US deposits from buying competitors.
An answer may come faster.
If Federal Deposit Insurance Corp. finds JPMorgan’s offer attractive and seeks approval, behind the scenes, the Office of the Comptroller of the Currency stands by to quickly wrap up a deal and issue a ruling, according to people with knowledge of the matter. Is.
JP Morgan, The Nation’s The biggest bank, Chief Executive Officer Jamie Dimon has said in a government-led effort to sell its fortress balance sheet to First Republic. FDIC officials spent Sunday afternoon weighing options after a deadline for proposals passed and are widely expected to announce their decision later in the evening.
Representatives for the OCC and the FDIC declined to comment.
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