Maxine Waters says BB&T-SunTrust merger deserves 'serious scrutiny'
House Financial Services Committee Chairwoman Maxine Waters, a California Democrat, said Thursday the proposed merger between BB&T and SunTrust "raises many questions and deserves serious scrutiny" from banking regulators, Congress, and the public. In a statement, Waters said the merger was a consequence of last year's bank relief bill that passed Congress. She said that while Republicans claimed the legislation would only assist community banks, Democrats opposed the measure because it would "fuel mergers, accelerate industry consolidation and make it more difficult for community banks to compete." Earlier Thursday, SunTrust and BB&T announced they were combining in a merger worth about $66 billion. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.