The Federal Reserve Board on Friday approved the application under Section 3 of the Bank Holding Company Act of 1956 (the “BHC Act”) by The PNC Financial Services Group, Inc. (“PNC”) to acquire BBVA USA Bancshares, Inc. (“BBVA USA”). The individual statements issued by two of the Governors (Vice Chair for Supervision Quarles, who voted to approve, and Governor Brainard, who abstained) regarding the approval may indicate some divergence among the Governors in their thinking about large bank mergers and the framework for their evaluation under the BHC Act.