According to the new guidelines approved by the Federal Deposit Insurance Corporation on Tuesday, Bank of America's mergers will face stricter regulatory obstacles. The FDIC's plan is the latest move by the Biden administration to crack down on financial company consolidations, increasing layers of scrutiny, and more directly considering the impact on financial stability, competition, the community, and customers. The board of directors of the institution voted 3 to 2 in favor of the plan at Tuesday's meeting. According to a statement from the institution, in order for the transactions to be approved, the FDIC hopes that the post-merger company will "better meet the convenience and needs of the community than when not merged." When the institution assesses the potential risks of the financial system, the post-merger company's assets will exceed $100 billion, and the merger will face stricter review processes. The result will be a balancing act, where officials have the authority to assess and potentially reject any merger that does not meet one or more standards. For example, the FDIC will assess whether applicants can demonstrate that the benefits of community convenience and needs will significantly outweigh any anti-competitive effects.