U.S. banking mergers will face tougher regulatory scrutiny under new guidance voted on Tuesday by the Federal Deposit Insurance Corporation (FDIC). The plan is the latest step in the Biden administration's effort to severely limit mergers among financial firms, and it will increase scrutiny to more directly consider the impact on financial stability, competition, communities and customers. For a deal to be approved, the FDIC hopes that the combined company will better serve the convenience and needs of the communities it serves than it would have otherwise, according to the agency's statement. Companies with more than $100 billion in assets will face tougher procedures when the agency assesses latent risks to the financial system.