Bankers’ message
May 5, 2010 | alternatives, federal legislation, industry | Comments (0)From the head of the Virginia Bankers Association in Virginia Business Magazine:
Let me be very clear: banks of all sizes — community banks and large banks alike — are strongly in favor of financial reform that addresses the key problems that brought about the financial crisis of 2008-2009.
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Third, the bill would create a Consumer Financial Protection Bureau with broad independent rule writing authority. It sounds great in theory, and bankers strongly support improving consumer protections. But in practice, creating another new federal bureaucracy will produce more problems than it will solve by putting the government in charge of deciding what products are right for bank customers.
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