What banks fear
April 9, 2010 | alternatives, federal legislation, industry | Comments (0)Interesting piece in Huffington Post. Says banks fear state regulation more than the CFPA. I guess their fears are the opposite of ours. From the story:
At stake in the financial reform debate is an issue that has received far less attention than the Consumer Financial Protection Agency, but is at least as important: whether Congress will restore the authority of states to oversee national banks.
If you don’t believe me, then take it from U.S. Bancorp CEO Richard Davis, who chairs the powerful big bank lobbying group, the Financial Services Roundtable. In an interview with the Minneapolis Star Tribune editorial board two weeks ago, Davis revealed that the industry’s “number one concern” about financial reform is not the CFPA, but rather the power of states to regulate the activities of national banks.
“If we had one thing to fight for, it would be to protect [federal] preemption [of state law],” Davis said.
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