Overreaching is a good word
June 25, 2009 | alternatives, federal legislation, industry | Comments (0)Event the community bankers don’t like the idea of a Consumer Financial Services Agency. From the story:
President Barack Obama’s proposed regulatory overhaul of the financial system has ruffled the feathers of local community banks.
They are concerned that a new consumer protection agency, among other elements of the plan, would prompt more government intrusion in the already heavily regulated banking business.
“In my mind, it’s an overreaching of what the government needs to do,” said Jeffrey Ball, president and CEO of Friendly Hills Bank in Whittier. “This would be unprecedented. You could have a regulatory body go in and state how a private company could structure a certain product.”
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