President Joe Biden's planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, Reuters reported, citing a source familiar with the matter.

The order will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks, the source said. The planned order, which is expected to be signed by Biden on Friday, is likely to chill M&A in the banking sector, Reuters reported.

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